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Condizioni di trading
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EUR/USD
At the end of the previous week, as well as the month, accumulation of bears in the market allowed them to be in control of the situation. At the moment, the pair is testing a relatively strong resistance zone of 1.2064-48 (the daily levels + the weekly Kijun-sen). A breakout and consolidation below it will allow bears to remove the daily golden cross and return in the bearish zone. If so, the price may fall to the support area of 1.1975-52 (the weekly mid-term low + February's low). The key resistance level is still located within 1.2150-70 (the weekly Tenkan-sen + the upper border of the daily Ichimoku cloud + record level). Intermediate resistance is seen at 1.2098 (daily Kijun-sen) and 1.2132 (daily Tenkan-sen).
On the H1 chart, bears are trying to form a new downward trend and are supported by all the analyzed technical tools. The downward intraday targets are at the Pivot levels of 1.2027 – 1.1984 – 1.1905. Today, the key levels are resistance at 1.2106 (the central Pivot level) and 1.2149 (the weekly long-term trend).
GBP/USD
In the last week of February, the pound broke though the Ichimoku cloud and rebounded. Bears returned to the support zone of 1.3904 – 1.3845-23. A breakout and consolidation below this region will allow them to remove the daily golden cross and gain control of the weekly short-term trend. Bears will further try to reach the level of 1.3642 and the daily Ichimoku cloud. Under the circumstances, the daily levels of 1.3982 – 1.4034 are important. Meanwhile, the key resistance levels for March are seen at 1.4118 (the upper border of the monthly Ichimoku cloud) – 1,4181 (a breakout of the weekly target – 1.4240 (February's extreme high).
The low time frames indicate a bearish market supported by all the analyzed trading tools. Nevertheless, the pair has entered an upward correction. It is now trying to reach the Pivot level of 1.3944. The next important target for the pair is seen at the support level of the weekly short-term trend - 1.4062. Consolidation above it is likely to create balance between bulls and bears. In case the correction ends and the price leaves the zone, the Pivot levels of 1.3864 – 1.3806 – 1.3726 will become relevant intraday.
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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the high 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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