EUR USD Technical Analysis March 11, 2025
As of March 11, 2025, the EUR/USD currency pair has been exhibiting a bullish trend, influenced by both technical indicators and fundamental factors.
Current Price Levels and Technical Indicators:
The EUR/USD pair has been trading within the range of 1.0804 to 1.0888, reflecting a period of consolidation following a significant rally in the previous week. Technical indicators suggest a continuation of the bullish momentum:
- Moving Averages: The pair is trading above its 50-day simple moving average on the 4-hour chart, indicating sustained upward momentum.
- Relative Strength Index (RSI): The RSI on the 4-hour chart has risen above 70, suggesting that the EUR/USD has entered overbought territory.
Support and Resistance Levels:
Identifying key support and resistance levels is crucial for anticipating potential price movements:
- First Support: 1.0612, identified as a pullback support aligning closely with the 50% Fibonacci retracement level.
- Pivot Level: 1.0765, acting as a pullback support that aligns with the 23.6% Fibonacci retracement, indicating a potential area where price could rebound.
- First Resistance: 1.0937, identified as a pullback resistance, indicating a potential area that could halt further upward movement.
Fundamental Factors:
Several fundamental factors are influencing the EUR/USD pair:
- US Dollar Weakness: The US dollar has experienced a sharp selloff due to growth concerns, leading to a decline of about 5% since January and reaching a four-month low.
- Trade Tariffs: The implementation of new 25% tariffs on imports from Mexico and Canada, along with fresh duties on Chinese goods, has raised concerns about a potential slowdown in the US economy.
- Upcoming US Inflation Data: Investors are awaiting US inflation data scheduled for release on Wednesday, with expectations that headline inflation may drop to 2.9% in February.
Conclusion:
The EUR/USD pair is currently exhibiting bullish momentum, supported by technical indicators and fundamental factors such as US dollar weakness and trade tensions. Traders should monitor key support and resistance levels, as well as upcoming economic data releases, to assess potential price movements in the near term.
GBP/USD Technical Analysis March 11, 2025