The price action has been trading in a tight range of 1.1220-1.1570 for last four-months (November 2018-February 2019), The consolidation last extended to the same-months on December 2016-March 2017 followed by a big break higher. This time we are not expecting a big break higher unless the rate differential supports.
Well the daily RSI lacks the conviction to move higher, and the oscillator has turned bearish. These settings suggest a continuation of range trading again in this week.
On Monday, March 04 the price was rejected at the major moving averages 50MA and 100MA that are placed between 1.1380-1.1390, suggesting strong resistance zone on the higher side. Ahead of the ECB meeting (March 07) sustained trade above 50MA-100MA will resume the up move taking the single currency higher towards the next crucial resistance 1.1440.
Whereby it has to go beyond significant resistance of 1.1440 for heading north towards 1.1500 initially followed by 1.1700/1.1740.
Besides, a close below the strong support 1.1200 will push prices lower to 1.1150 initially before touching 1.1100.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-eurusd-must-holds-1-1200-to-witness-furhter-up-move-within-the-range/
Well the daily RSI lacks the conviction to move higher, and the oscillator has turned bearish. These settings suggest a continuation of range trading again in this week.
On Monday, March 04 the price was rejected at the major moving averages 50MA and 100MA that are placed between 1.1380-1.1390, suggesting strong resistance zone on the higher side. Ahead of the ECB meeting (March 07) sustained trade above 50MA-100MA will resume the up move taking the single currency higher towards the next crucial resistance 1.1440.
Whereby it has to go beyond significant resistance of 1.1440 for heading north towards 1.1500 initially followed by 1.1700/1.1740.
Besides, a close below the strong support 1.1200 will push prices lower to 1.1150 initially before touching 1.1100.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-eurusd-must-holds-1-1200-to-witness-furhter-up-move-within-the-range/