EURUSD Price Analysis – March 18
EUR/USD has been making lower lows, lower highs within the falling wedge since January. Today, a bullish movement towards the upper trend line at $1.1360 is expected before the falling of the currency pair to the lower trend line.
Supply levels: $1.1400, $1.1490, $1.1555
Demand levels: $1.1360, $1.1295, $1.1230
EURUSD Long-term trend: Bullish
On the daily chart, EURUSD rallied bullishly towards the supply level of $1.1407 on February 28, the bearish pin bar emerged signaled the exhaustion of the bullish momentum within the fallen wedge formed. The Bears took over and the currency pair fell from the $1.1407 supply level down to the demand level of $1.1181. Seven days ago, EURUSD bounced from the demand level of $1.1181 and rallying towards the supply level of $1.1360 with strong bullish daily candles. There is a tendency for the currency pair to touch the upper trend line and fall below the demand level of $1.1181.
The RSI is above 50, EURUSD is reaching the nearest significant resistance which is at $1.1360. A Bullish breakout at $1.1360 could send EURUSD to $1.1407 and $1.1494 supply levels. A rebound at the upper trend line will bring down the price to the previous lower trend line level at $1.1181.
EURUSD Short-term Trend: Bullish
EURUSD has been maintaining lower highs and lower low within the fallen wedge on 4-Hour chart. Today, the bullish scenario of the currency pair is trading above the $1.1299 targeting the $1.1360 supply level.
The currency pair is equally trading above the 21 period EMA and 50 periods EMA and the Relative Strength Index period 14 is above 60 levels pointing up confirm the bullish trend of the EURUSD targeting $1.1360 supply level.
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