BLOG | March 16, 2018

EUR/USD Weekly Forecast: March 16th

The EUR/USD is the largest currency pair that is traded around the world. It represents the two global most significant, representing the world’s two largest economies. The EURUSD currency pair continues to rise and fall within the last few days and on the 15th March 2015, the currency pair weekend as a result of the boost in the strength of the dollar. The dollar rate has been rising and falling in the past few weeks, and this has made the EURUSD currency pair to fluctuate within the range without any potential sign of a breakout.

EURUSD downtrend

The EURUSD currency pair rate varies from 1.2250 to the 1.2450 range, and this has made it difficult for forex traders to make any headway. Although the dollar was weekend by the lower retail sales data on Thursday, the 15th of March, the robust data from the US weekly unemployment claims boosted the price of the dollar. We think that just the unemployment claims report did not merely raise the strength of the dollar, but it has a stronger link with the persistence of the price range of the dollar.

EURUSD Hourly report

It is possible that this prize movement will persist even as the market anticipates the outcome of the forthcoming meeting of Fed next week. The expectation is that FED makes its initial rate increase in March. And if the anticipation turns positive, it is likely to keep boosting the prize of the dollar before the day of the meeting.

However, traders are also eager to know when Fed would be initiating other March.

Projecting forward and all through the day, we anticipate the trend to remain as there is no critical economic data in the Eurozone or the US and financial news to be released within the day that could suggest revere trend. We are hopeful that this price increase for the US dollar would continue and can go either above or below 1.23 indicative of a bearish signal while the market looks forward to the report of the FOMC, the coming week.

EURUSD showed a positive signal on the 15th of March, 2018

The EURUSD pair illustrates a minimal bullish trend after the EMA50 struggled to create excellent support base on the 14th of March. This represents stochastic demonstrate positively related signal every four hours to generate the movement we anticipate to help move the price up in the forthcoming sessions. Thus, we hope that the bullish impression is supported by the price stability beyond 1.2304, which is a reminder that we are about to reach 1.2536 trends as the crucial forthcoming position. The trading range for the 15th of March is around 1.2304 supports and 1.2480 resistances.

EURUSD tests the support today the 16th of March, 2018

The EURUSD currency pair assesses the critical support 1.2304 and maintains its stability beyond the position. Also, there is a clear oversold signal shown by the stochastic, to develop decisive factor that will consolidate the support and bounce back in a bullish trend to continue its bullish move. We are thus maintaining a positive outlook for the coming session given the price stability beyond 1.2304, bearing in mind that we anticipate attaining visit 1.2536 levels as a following crucial position.

The EURUSD trading range for today, the 15th of March 2018 is expected to show a bullish move. The projected trade range is 1.2240 supports and 1.2400 resistances.

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