empty
 
 
28.03.2023 03:12 PM
EUR/USD challenging confluence area

The EUR/USD pair rallied in the short term and now is trading at 1.0844 at the time of writing. After its amazing sell-off, a rebound was natural as the bias remains bullish. Technically, the currency pair reached a major demand zone, so the current upwards movement is normal.

Fundamentally, the Goods Trade Balance and Prelim Wholesale Inventories came in worse than expected earlier today. Still, the most important event of the day is represented by the US CB Consumer Confidence which could drop to 101.0 from 102.9 points. The US data could be decisive later and could really shake the price.

EUR/USD Rally!

This image is no longer relevant

As you can see on the H1 chart, the rate turned to the upside after reaching the 1.0730 - 1.0701 support zone. Now, it challenges the median line (ml) and the 1.0837 resistance levels.

From the technical point of view, we have a strong confluence area at the intersection between these levels.

EUR/USD Forecast!

A valid breakout through the confluence area activates further growth and is seen as a bullish signal. This scenario could be activated by poor US data.

On the contrary, a false breakout above these resistance levels signals that the leg higher ended and that EUR/USD could drop. A false breakout with great separation (pin bar) or a major bearish engulfing.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback