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Based on the dollar index (DXY) chart, the US dollar was focused on the accumulation process during the previous week, where the variable borders of 91.40/92.00 are clearly seen. The recovery process of the index this month leaves buyers with hope for stronger changes in the value of the US dollar. In order to confirm the theory of DXY, it is necessary to break through the level of 92.50.
What happened in the market in terms of the economic calendar?
Last Friday, Germany's producer prices data was the only data that was published. It recorded growth from 0.9% to 1.9%, against the forecasted 2.0%, but there was no reaction from the market.
As for the UK and the US, there were no significant statistics. Therefore, traders moved on technical analysis.
What happened on the trading chart?
The EUR/USD pair resumed the downward move previously set from the psychological level of 1.2000, eventually updating the local low of March 16. Considering the obtained data on the decline in the euro rate last Friday, sellers had a chance again to prolong the correction course from the high of the mid-term trend, namely from 1.2349 to 1.1835.
The GBP/USD pair reached a local low on March 16, while moving from the area of the psychological level of 1.4000. However, market participants failed to break through it unlike the Euro currency. As a result, a stop and a pullback from the reference level was observed.
Trading recommendations for EUR/USD and GBP/USD on March 22
Today, there will be no important statistics from Europe, the UK and US. In this case, the market will continue moving based on technical analysis and on information flow about the COVID vaccine.
Looking at the EUR/USD pair trading chart, it can be seen that the quote is still at the downward levels from last week, which means that sellers still have a chance to push the euro towards the low of March 9. Based on the scenario of prolonged correction, the main decline can be expected after the price is held under the level of 1.1835.
As for the GBP/USD pair trading chart, it shows the same price rebound from the level of 1.3805, while the downward interest is still taking place in the market. If the quote is kept below 1.3800, there will be a possible decline towards the level of 1.3750.
We will consider an alternative scenario of the market development if the price does not hold below the 1.3800 mark, rather there will be a cycle of the 1.3850/1.3950 amplitude.
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