logo

FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on March 11

Technical analysis recommendations for EUR/USD and GBP/USD on March 11

EUR/USD

Technical analysis recommendations for EUR/USD and GBP/USD on March 11

Important changes in the situation were not observed. The bulls are slowly moving upwards. The current nearest pivot point for the correction is the area of 1.1975-91 (daily levels + weekly Kijun). Other resistances, which also combine weekly and daily levels, are found at the limits of 1.2039-64. In turn, the closing level of the weekly golden cross (1.1886) continues to exert attraction and influence. Given that the bearish activity returns, we can note the downward targets set at 1.1821 - 1.1762 (target for the breakdown of the daily cloud + monthly short-term trend).

Technical analysis recommendations for EUR/USD and GBP/USD on March 11

Bullish traders went beyond the key levels of 1.1909-15 (central pivot level + weekly long-term trend). In order to strengthen the position, the growth and reversal of the moving average should continue. The intraday upward pivot points are located at 1.1949 - 1.1970 - 1.2010 (resistances of the classic pivot levels). But if the pair returns to the range of 1.1909-15, the bears will have to update the low (1.1836).

GBP/USD

Technical analysis recommendations for EUR/USD and GBP/USD on March 11

The reached support levels, led by the weekly short-term trend (1.3845) and the closing level of the daily Ichimoku gold cross (1.3823), continue to defend bulls' interests. In this case, the nearest levels are 1.3904 (daily cross + the first target of the weekly target for the breakout of the cloud) and 1.3982 (daily Fibo Kijun). The next pivot points are set at 1.4118 - 1.4181 - 1.4240. Once the upward trend is over and the range of 1.3845-23 is broken, new bearish prospects will be considered.

Technical analysis recommendations for EUR/USD and GBP/USD on March 11

The favor in the smaller time frames is on the side of the bulls, which gained support from all analyzed technical instruments. Now, it is important to attack the current levels (1.3904 - 1.3982) in the bigger time frames.

On the H1 chart, in case that the key levels of 1.3905 (central pivot level) - 1.3874 (weekly long-term trend) is broken, the bears can regain their advantages and begin to strengthen their sentiments. However, this will further depend on the breakdown of upper levels set at 1.3845-23.

***

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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account