EUR/USD - Failed to Surpass 1.0715 Strong Resistance Level - 03/14/2017 (GMT)

The EUR/USD pair created an upward run over last week’s session and it surpassed the 1.0700 strong psychological level. However, the weakness of the U.S. dollar yesterday failed to push the pair well above the aforementioned level and rebounded on the 1.0715 resistance barrier. Currently, the common currency pair is trading lower and is approaching the 1.0630 price level which was our second scenario on yesterday’s analysis (see technical analysis here: http://bit.ly/2mmoJgY).

If the price falls below the latter level, it would open the door for the next support at 1.0525. The next couple of days we may see sharp upward move in greenback so the EUR/USD pair will be affected. The MACD oscillator is flattening near its mid-level whilst the RSI indicator is moving towards the 50 level. During tomorrow’s session, Fed will announce its interest rate decision, we recommend avoiding any positions due to the high volatility the market may have.