EURUSD hits proposed resistance zone at 1.1940/50

11. März 2021

EURUSD has managed to produce a counter trend rally towards 1.1968 today, exceeding by about 20 pips. Also note that the past support zone around 1.1950 would provide resistance here. Furthermore, the currency faces trend line and fibonacci 0.50 levels as potential resistance around 1.1960 mark. A potential Wave iv might have terminated today and if correct, EURUSD might be heading lower towards 1.1700 and 1.1600 levels in the next few trading sessions.

Remain short against 1.2350, targeting 1.1600