EURUSD Surge towards 1.1500 Level, Displaying an Overbought Condition as Coronavirus Rage On

EURUSD Surge towards 1.1500 Level, Displaying an Overbought Condition as Coronavirus Rage On

EURUSD Price Analysis – March 9

Overall, the coronavirus headlines are set at EURUSD, ranging from the number of cases, steps to avoid the disease, and fluctuations in correlated assets such as yields. Another increase in buying on EURUSD moved the market past the level of 1.1410/1.1450 for an intraday step to its highest level as of January 2019.

Key Levels
Resistance Levels: 1.1569, 1.1530, 1.1500
Support Levels: 1.1285, 1.1095, 1.0779

EURUSD Long term Trend: Bullish

Once again EURUSD posted new YTD highs, this time close to the main barrier at 1.1500 level during the Asian Session. The buying demand continuation may approach the 2019 high at 1.1569 level in the long term.

At the beginning of the week, the upside momentum of the pair picked up the extra pace and advanced further north of the moving average of 5 and 13 around 1.1350 level.

EURUSD Short term Trend: Bullish

The EURUSD currency pair lifted past the level of 1.1350 at the end of last week. During Monday morning, the pair traded around 1.1400/1.1500 level toward the resistance range built on the 4-hour time frame.

If the resistance given holds, a reversal to the south is likely to occur. In this case, it is unlikely that the exchange rate may plunge beneath the 1.1285 level.

Instrument: EURUSD
Order: Buy
Entry price: 1.1350
Stop: 1.1285
Target: 1.1500

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.