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31.03.202113:45 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on March 31

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EUR/USD

The pair continued to decline. The closest bearish targets are set at 1.1695 (monthly Fibo Kijun) and 1.1611-1.1591 (upper limits of the monthly and weekly clouds). On the other hand, if a new daily upward correction occurs, bullish interest will be directed to the previous broken area of 1.1762-66 (target for the breakdown of the daily cloud + monthly short-term trend) and 1.1821 (first target + daily Tenkan).

An upward correction is currently developing in the smaller time frames. The Euro currency is testing the resistance of the central pivot level (1.1734). If growth continues, we will consider the main upward pivot point located at the weekly long-term trend (1.1776), while the nearest resistance is at 1.1756. In turn, the bearish pivot points located at 1.1693 (S1 + gain from the upper time frame), 1.1671 (S2) and 1.1630 (S3) will be relevant again once the correction from 1.1704 is done.

GBP/USD

A strong confirmation and continuation of the rebound was not observed. Thus, support for the weekly Fibo Kijun (1.3706) is still relevant. The main task of the bears is to break through the support level of 1.3706 and enter the bearish zone relative to the daily cloud (1.3625). If they manage to do it, new prospects will be considered. The closest resistance level is set at 1.3813 (daily Tenkan), then the other value may be around 1.3904 (accumulation of levels of different time intervals).

On the H1 chart, the pound sterling continues to be in the attraction zone of the key levels 1.3741-47 (central pivot level + weekly long-term trend) from the smaller time frames. At the moment, such a scenario does not indicate a clear advantage for either side in the lower halves. If today's activity is seen on the side of the bulls, the intraday pivot points will be the resistances of the classic pivot levels set at 1.3777 - 1.3818 - 1.3854. But if the bears take control, the support of the classic pivot levels at 1.3700 - 1.3664 - 1.3623 might help.

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.

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