EUR/USD is steaming ahead again in early March trading. The Euro has now erased all of the USD gains in the first 3 weeks of February. Strong momentum.
Dear traders, the EUR/USD is steaming ahead again in early March trading. The Euro has now erased all of the USD gains in the first 3 weeks of February. Strong momentum.
4 hour chart
The EUR/USD seems ready for more upside. The next target zone is at 1.1150. A mild bearish pullback could confirm (green check) a bullish continuation of the uptrend. Price could move up towards 1.1250 at first.
1 hour chart
The EUR/USD made a bullish bounce at the 50% Fibonacci retracement level of wave 4 vs 3. Price is now testing the resistance trend line (red) of the uptrend. A break could send the pair higher whereas a mild pullback is likely to find support for a bullish bounce.
Good trading,
Chris Svorcik
The analysis has been done with the help of SWAT method (simple wave analysis and trading)
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