Technical analysis of EUR/USD 03/30/2021
The EUR/USD currency pair is in a downward correction on the daily chart. The pair has broken from above (MA200) and is currently trading at the level of 1.1700 (38.2% Fib). If the quotes manage to stay below the level of 1.1700, this will mean the formation of a “Head and Shoulders” pattern with a possible decline to the area of the level of 1.1500 (50% Fib). Cancellation of the downward movement option will be the growth of the pair above the level of 1.2000 (the previous local maximum), which will mean a possible resumption of the uptrend after the correction.
Created by Joshua Hayn