EUR/USD: Technical Analysis and Trading Recommendations_03/24/2021
This week, EUR/USD has broken the lower boundary of the ascending channel on the weekly chart near 1.1875 mark and continues to decline towards the lower boundary of the descending channel on the daily chart and support level 1.1780 (ЕМА50 on the weekly chart and Fibonacci level 38.2% of the upward correction in the wave of decline pairs from the level of 1.3870, which began in May 2014).
At the beginning of today's European session, EUR / USD is traded close to 1.1825 mark, testing for a breakout of the key long-term support level 1.1835 (ЕМА200 on the daily chart).
The breakdown of the support levels 1.1835 and 1.1780 will increase the risks of a resumption of the long-term bearish trend in EUR / USD.
In an alternative scenario, there will be a rebound from the level 1.1835. However, to resume long positions, it will be necessary to wait for the EUR / USD to rise into the zone above the resistance levels 1.1911 (ЕМА200 on the 1-hour chart), 1.1925 (ЕМА144 on the daily chart). Their breakdown may open the way for growth towards the resistance levels 1.1990 (ЕМА200 on the 4-hour chart) and 1.2055 (ЕМА200 on the monthly chart).
Support levels: 1.1835, 1.1780, 1.1600, 1.1550, 1.1285
Resistance levels: 1.1911, 1.1925, 1.1990, 1.2055, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600
Sell Stop 1.1790. Stop-Loss 1.1860. Take-Profit 1.1700, 1.1600, 1.1550, 1.1285
Buy Stop 1.1860. Stop-Loss 1.1790. Take-Profit 1.1911, 1.1925, 1.1990, 1.2055, 1.2070, 1.2100, 1.2180, 1.2270, 1.2340, 1.2555, 1.2580, 1.2600