Forex Analysis
by ForexNewsNow Team on March 8, 2011

EUR/USD Technical Analysis for March 8th

Daily Overview – EUR/USD Technical Analysis Roundup

EUR/USD: New year high scored and testing the daily channel top off year low (1.3997 today), but currently back in channel (see graph) and bearish engulfing in yesterday activity.

Above the daily Medium Term Moving Average↑ (1.3820), with daily channel bottom off year low at 1.3791 today. Support area at 1.3952 (daily Short Term Moving Average↑/ daily envelope bottom), with next levels at 1.3940/1.3936 (reaction low hourly/ daily modified Alpha Beta trend bottom): ideal area to stay above to keep current short term mood on €.

If unable to hold, next levels at 1.3890 (break-up daily), ahead of 1.3867/ .3862 (break-up hourly/ previous year high + weekly envelope bottom) and 1.3833 / .3820 (reaction low hourly/ see above), where pause favored.

Resistance at 1.4015 (reaction high hourly), with next levels at 1.4028/ .4036 (weekly Downtrendline off high/new year high), ahead of 1.4048/ .4052 (daily Bollinger top + daily envelope top/ 2nd target daily Double Bottom off 1.3745) and 1.4062 (monthly Downtrendline off high), where pause favored.

If wrong, next level at 1.4075 (daily modified Alpha Beta trend top): tough on 1st attempts, amid overbought readings and short term bearish divergences.

SUPPORT                                                     RESISTANCE

1.3952 (daily ST MA↑)                                   1.4015 (see below)

1.3940/ .3936 (see below)                            1.4028/ .4036 (see below/ new year high)

1.3890/ .3867 (break-up daily/ hourly)     1.4048/ .4052 (daily Bollinger top/ see below)

 

EURUSD analysis March 8

Content provided by: KBC Bank

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