What impact does the risk-on trading sentiment have on the U.S dollar? How is the EURUSD pair currently trading? Learn the answers to these questions from the 6 March EURUSD Technical Analysis.
6 March, OctaFX – The euro continues to move higher against the greenback, as a return to risk-on trading sentiment is causing the U.S dollar to weaken on Tuesday. The EURUSD pair has again found strong technical resistance around the 1.2360 region, with price-action currently consolidating around the 1.2350 level ahead of the European session open.
Further strong gains remain likely for the euro above the 1.2360 level, which represents the neckline of a bullish inverted head and shoulders pattern.
6 March EURUSD Technical Analysis
- The EURUSD is strongly bullish above the 1.2364 level, further upside towards the 1.2430 and 1.2550 levels remains possible.
- Should the EURUSD pair fail to move above the 1.2364 level, price-action may correct back towards the 1.2305 and 1.2259 support regions.
This article about 6 March EURUSD Technical Analysis 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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