EUR/USD Daily Forecast – 09 March

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Tuesday, Mar 08 2016

Euro tested 1.1050 handle as a resistance in the course of the session on Tuesday, but once gain failed to break higher and pulled back to 1.10 handle by the end of the session. With no major data releases on Wednesday we can expect another steadier session, with euro once again testing 1.1050 handle. Pair is likely to find some amount of support around 1.0950, while area around 1.1050 level should offer some amount of resistance as this was the case in the past few sessions.

On a long-term basis, despite recent uptrend we have no interest in buying the pair until we see decisive break above 1.1050 handle, which is a beginning of an uptrend line. Once this happens we believe pair could aim towards 1.13 handle. Selling is not an option as long as we are above 1.08 handle.

More in this category: « GBP/USD Daily Forecast – 09 March AUD/USD Daily Forecast – 10 March »

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