EURUSD reaches key Fibonacci level and bounces

EURUSD was expected to pull back towards the key Fibonacci levels we have mentioned in our previous analysis. EURUSD has reached the 61.8% Fibonacci retracement level and has bounced off of it.

EURUSD has pulled back as a back test of the broken wedge pattern. Price has so far reached the 61.8% level and is bouncing. As we explained in our last Ichimoku cloud analysis, we had a weak sell signal and the first target was the cloud support at 1.1130. Price surpassed our target and reached 1.1060.

So far the back test is successful and supportive of the bullish continuation of the break out. If price pushes back inside the wedge pattern and stays below, then this would be a very bearish sign.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

Forecast for EUR/USD on March 23, 2020

EUR/USD
The price was marked on the support line of the embedded price channel in the region of 1.0636 on Thursday, Friday, and today. Finally, the signal line of the Marlin oscillator turned upwards on the daily chart, which creates the prerequisite for corrective growth to the level of 1.0879 - to a low of October 1, 2019. Overcoming the Friday low of 1.0636 opens the target 1.0493 - the low of February 2017.

On the four-hour chart, the Marlin oscillator did not form a strong convergence, the signal line has not yet left the zone of negative indicators. The indicator potential may be enough to work out the price of correctional target of 1.0879.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

IFXGertrudePR:
Forecast for EUR/USD on March 23, 2020

EUR/USD
The price was marked on the support line of the embedded price channel in the region of 1.0636 on Thursday, Friday, and today. Finally, the signal line of the Marlin oscillator turned upwards on the daily chart, which creates the prerequisite for corrective growth to the level of 1.0879 - to a low of October 1, 2019. Overcoming the Friday low of 1.0636 opens the target 1.0493 - the low of February 2017.

On the four-hour chart, the Marlin oscillator did not form a strong convergence, the signal line has not yet left the zone of negative indicators. The indicator potential may be enough to work out the price of correctional target of 1.0879.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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