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EUR/USD Today Technical Report 31/03/2016


EUR/USD continued trading higher on Wednesday and managed to hit resistance fractionally below the 1.1370 (R1) resistance barrier. Then the rate retreated somewhat. The price structure on the 4-hour chart remains higher peaks and higher troughs, something that keeps the short-term picture somewhat positive. A clear break above 1.1370 (R1) is likely to open the way for the next resistance zone of 1.1440 (R2). Nevertheless, for now I see signs that the current retreat may continue for a while. A dip below 1.1300 (S1) could open the way for the 1.1260 (S2) zone. This is also supported by our short-term oscillators. The RSI has topped within its overbought territory and has just crossed below 70, while the MACD, although positive, shows signs of topping as well. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500. Therefore, I would keep the view that the broader trend remains sideways.


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