Hello Traders,
Technically, the common currency is stagnant but with a bearish skew if we judge price action from the weekly chart. For the past 3-5 weeks or so, prices have been stick within a 300 pip range and in lower time frame, prices are basically in range mode. On top of this, there is a stochastic sell signal turning from deep the overbought zone. You may also keep in mind that the Euro was largely bullish for the better part of last year and chances are before this resumes, bears might drive this currency lower. Anyhow, there is a whole bullish candlestick that is above the upper BB meaning Euro is a bit over-extended or over-valued.
In the 4HR chart, we can see that nice bearish engulfing pattern and even though there is a sell signal, it is not from the overbought territory which would have made this perfect.
My EURUSD trade plan would be as follows:
Sell: 1.231
Stop Loss: 1.2370
Take Profit: 1.20, 1.16
Have a good trading day.

eurusd 4hr chart for March 20

Source: Dalmas

eurusd weekly chart for March 20

Source: Dalmas

One thought on “EURUSD Analysis for March 20, 2018”

  1. I see solid resistance around 1.2060/2080 and expect a significant bounce from there.

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