EUR/USD analysis for March 03 2021 – Potential for another downside movement towards 1.1960

Prior was -4.1%

• Record high $9.9B in permits issued
• Residential permits +10.6% including +15.1% in single family homes
• Non-residential +2.6%

Data releases yesterday showed an absolutely sizzling real estate market throughout the country. The builders are going to be building as fast as they can for the foreseeable future.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is completion of the upside correction and strong selling today.

My advice is to still watch for selling opportunities on the rallies using the intraday time-frames.

Downside targets are set at 1,1990 and 1,1955.

Key Levels:

Resistance: 1,2115

Support levels: 1,1990 and 1,1955

The material has been provided by InstaForex Company – www.instaforex.com