EUR/USD Analysis - March 29th
What's up investor friends?
The EUR/USD broke the 1.1990 support in early March. Bulls tried to recover the level, but were unsuccessful. On the contrary, a double top was formed at 1.1990, triggering a fall to the next support at 1.1840 and crossing the psychological support at 1.1800.
4-hour candles
The pair is currently in a small channel between resistance at 1.1800 and support at 1.1760. The bulls have tried to retake 1.1800 but the momentum has not been strong enough.
1-hour candles
A break above 1.1800 would be necessary for the bulls to momentarily regain control and test further resistance at 1.1840.
In case the bulls cannot regain control and price breaks 1.1760 support, we could see a drop to 1.1700 support.
1-hour candles
However, we must remember that the EUR/USD is still in a long-term uptrend, as can be seen on weekly candlesticks. Any pullback for now should only be considered a correction. The key support for a bullish continuation is at 1.1600. If it is broken, we could see a long-term downtrend reversal to bearish.
Weekly candles
Personal opinion
I would sell in case of a break below 1.1760 with Take Profit at 1.1700 and Stop Loss above 1.1810. Just wait for price action.
Disclaimer
The information given in this article is only my analysis and personal opinion. Be sure to do your own analysis and research. Trading cryptocurrencies, forex, commodities, etc, is risky.
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