The EURUSD hits the target – Analysis - 08-03-2019

The EURUSD pair settles at our main target that was achieved yesterday at 1.1180, which represents 61.8% Fibonacci correction level for the entire rise measured from 1.0333 to 1.2553, which hints the importance and sensitivity of this level to determine the next destination on the short term and medium term basis, as breaking it will extend the pair’s losses to go further towards 1.0857.

On the other hand, the strong consolidation of this level against the last decline besides stochastic entering the oversold areas might push the price to start recovery attempts on the intraday basis, noting that breaching 1.1270 will support the chances of achieving gains that start at 1.1326 and extend to 1.1420.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaking 1.1180 support or breaching 1.1270 resistance.

The expected trading range for today is between 1.1100 support and 1.1270 resistance.

The expected trend for today: Depends on the above mentioned levels