EUR/USD Technical Analysis: Bouncing up from key rising trendline

15 Mar 2019

EUR/USD is currently trading at 1.1320, up 0.15 percent on the day, having defended 1.13 with a bounce from the support of the trendline connecting March 7 and March 11 lows. 

Hourly chart

Both the ascending trendline and the bullish crossover of the 50- and 200-hour moving averages (MAs) indicates the path of least resistance is to the higher side. The relative strength index (RSI) is also reporting bullish conditions with an above-50 reading. 

That said, as per the daily chart, the outlook would turn bullish again if the pair finds acceptance above 1.1339 (March 13 high). 

On the downside, a violation of the ascending trendline on the hourly chart could yield a deeper pullback to 1.1276 (38.2% Fib R of 1.1176/1.1339). 

Trend: Cautiously bullish

 

Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.

Register a Demo Account

Test drive our trading platform with a 30 day free trial

Register a Live Account

Get started.Open a Forex and CFD trading account with AUSFOREX now

Deposit Funds

Express way for deposit funds

Live Chat

Chat live with one of our 7*24 hour multilingual customer service team