Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/USD is recovering ground above 1.0600 in early Europe. The pair is resuming its recovery despite resurgent US Dollar demand and a cautious market mood. ECB official Lane joined the chorus for a 50 bps rate hike in March. US data is next in focus.
EUR/USD,D1
Pivot: 1.0590
Analysis:
While the price is below 1.0750, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.0593
- Take Profit 1: 1.0500
- Take Profit 2: 1.0300
Alternative scenario:
If the level 1.0750 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.0750
- Take Profit 1: 1.0875
- Take Profit 2: 1.1000
Comment:
RSI shows the development of a downtrend in the medium term.
| Resistance | Support |
| 1.1000 | 1.0500 |
| 1.0875 | 1.0300 |
| 1.0750 | 1.0150 |
