The pair is trading within the downward trend and is moving towards the level of 1.7015

March 10, 2015

EUR/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart; current cloud is descending. The pair is trading within the  downward trend and is moving towards the level of 1.7015. The closest resistance level is Tenkan-sen line (1.0820).

EUR/USD, D1

On the daily chart Tenkan-sen line is also below Kijun-sen, however, both lines are directed steeply down, reflecting the strength of the trend. Chinkou Span line is below the price chart; current cloud is descending. The closest resistance level is Tenkan-sen line (1.1056). One of the previous minimums of Chinkou Span line is expected to be a support level at 1.0700.

Key levels

Support levels: 1.0715, 1.0700.

Resistance levels: 1.0820, 1.1056.

Trading tips

On the both charts Bearish trend is still strong and the pair continues to fall. Targets for the short positions are 1.0715 and 1.0700.

Anastasiya Glushkova
Analyst at LiteForex Investments Limited

Publication source
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