FOREX CHART ANALYSIS MAR 3 - OPPORTUNITY IN SIGHT
The first session of the week had no unexpected movements. The market is still mostly in orbit. Please continue to update the situation for today and pick for yourself the right forex trading strategies.
- ECB President Christine Lagarde said on Monday that the European Central Bank was ready to take "targeted and appropriate measures" to counter the economic impact of the flu outbreak.
- Production in Asia plummeted in February under the influence of a rapidly spreading epidemic, the severe contraction in economic activity in China has severely affected the region.
- After 6 consecutive sharp declines, the first session of the week, oil is recovering strongly up to 3% thanks to the expectation of more supply cuts after OPEC meeting this week.
The price corrected very briefly then dropped again but not strong enough to break the bottom of 107.5. The buying side also returned quite strongly from this price zone. It is expected that today it will keep going up and retesting the channel before continuing with the downtrend.
Price is still going up despite the appearance of some bearish signals. It seems that the downtrend line has been broken, but this could be a false-break. The previous rally is also quite fast, the possibility of correcting at the current resistance level is very high. I encourage you to short-term this time.
Although the price rebounded at the bottom of 1,275, the buying force was quite weak and was constantly overwhelmed by the sellers. Given the current price action, the chances are high that it will soon be broken. Anyone who has a sell order can continue to hold. If there is no order, wait for a breakout signal and enter it. The immediate target is the zone of 1,260.
Price is falling very well as expected. You can continue to hold the sell order and move the Stop Loss to ensure safety. The first goal has been approached. Next, we expect the price to return to the lower boundary of the up channel, the zone of 1,325.
After a noticeable uptrend, prices are still in the correction phase as expected. Continue to hold long positions and stop loss. Note that these are still short-term buy orders. Price action at the downtrend line will determine the next move.