How has political uncertainty from the Italian election and weaker than expected European data impacted the EURUSD pair? Find the answer in the 5 March EURUSD Intraday Technical Outlook.
5 March, OctaFX –The euro continues to trade above the key 1.2305 level against the U.S dollar, after earlier finding strong dip-buying demand from the 1.2268 technical level. Political uncertainty from the Italian election and weaker than expected European data, caused the pair to move lower during Monday’s European session.
EURUSD buyers have now taken back control of pair, with a bullish inverse head and pattern forming across multiple time-frames.
5 March EURUSD Intraday Technical Outlook
- EURUSD buyers retain control of the pair whilst price-action trades above the 1.2305 level. Short-term upside objectives are located at the 1.2364 and 1.2430 levels.
- If the EURUSD trades below the 1.2305 level for a sustained period, sellers may push the pair back towards the 1.2268 support region.
This article about 5 March EURUSD Intraday Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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