Analysis and forecasts for EUR / USD 24/03/16

FX:EURUSD   Euro Fx/U.S. Dollar
A currency pair is very close to the first important support level 1.1144, which should provide a barrier against further declines. Therefore, I will repeat what I said in an earlier report. The proximity of the support at 1.1144 (23.6% Fibo unbearable increases the level of 1,0821-1, 1343             ) should activate the demand side and direct the course of the Eurodollar at higher price levels. On Wednesday, the demand made his first attempt to seize the initiative, but the movements of growth, they are at the moment quite meager (demand reached only around Tuesday's minimum 1.1187). This does not change the fact that the demand side will certainly defend support, because its defeat could lead to further depreciation towards 1.1083 and 1.1021 levels. Another re-test 1.1144 support will certainly be a great opportunity to open long positions.

To summarize the above considerations, I would expect within the next few hours trying to derive some upward movement toward the next resistance level at 1.12.

The situation on the demand side to improve significantly if demand will overcome the resistance located at levels 1,1220-1,1245. In this case, the path to further growth will be opened. The objectives will be the levels 1.1285, 1. 1343             and 1.1495.
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