EURUSD Weekly Technical Outlook (2-6 March,2015) | February 28, 2015

Eurusd has formed bullish gartley pattern on h4 time frame. As a rules of bullish gartley pattern, buy zone will be 78.6% fibo level. In eurusd lies on 1.1191 area. If we can see any bullish candle or pin bar candle from this fibo level, then we can enter buy. On the other hand, this pair can test its previous support level at 1.1260-1.1280 area. This level is very good area for sell for this pair. On Daily chart, a big bearish engulfing candle has been formed which indicates its bearish power. With that candle it also broke ranging zone. So this can indication for continuation of the downtrend. As this pair is full of down pressure, we should stay on downside. For long term we can target 1.1000 and then 1.0700 area.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.1470

Resistance One (R1): 1.1333

Pivot Point: 1.1254

Support One (S1): 1.1117

Support Two (S2): 1.1038