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FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on March 18

Technical analysis recommendations for EUR/USD and GBP/USD on March 18

EUR/USD

Technical analysis recommendations for EUR/USD and GBP/USD on March 18

Bullish traders took advantage of the strength of the support level of 1.1886 (weekly Fibo Kijun) and returned the relevance to the resistance levels of 1.1975-9100 (weekly Kijun + daily Fibo Kijun). If the reached resistance levels are broken, it will allow the bulls to further rise. In this case, the nearest pivot point is the area that combined the daily and weekly cross levels (1.2039-64), which will be followed by the daily cloud.

Technical analysis recommendations for EUR/USD and GBP/USD on March 18

In the smaller time frames, the analyzed technical tools have moved to the bulls' side, supporting their developing bullish mood. We can note here the intraday upward pivot points, which are the resistances of the classic pivot levels set at 1.2015 - 1.2049 - 1.2114.

In turn, the key support levels are joining forces around 1.1950-37 (central pivot level + weekly long-term trend). A consolidation below which will change the balance of forces on the hourly chart. In this case, the supports of the classic pivot levels (1.1916 - 1.1851 - 1.1817) will be relevant again.

GBP/USD

Technical analysis recommendations for EUR/USD and GBP/USD on March 18

The bulls are not giving up their hopes. They continue to interact with the resistances of the Ichimoku daily dead cross using the support and influence of several levels of 1.3904-1.3880 (weekly and daily Ichimoku levels). In the event that the final borders of the cross 1.4007 (Kijun) and 1.4062 (Fibo Kijun) are broken, the daily cross will be cancelled out.

Technical analysis recommendations for EUR/USD and GBP/USD on March 18

The current advantage in the smaller time frames belongs to the bulls. The first resistance of the classic pivot levels (1.4002) was already tested. Thus, we can consider the further upward targets located at 1.4046 (R2) and 1.4122 (R3). The breakdown of the key levels, which serve as supports at 1.3926-18 (central pivot level + weekly long-term trend), will shift the current balance of power in the H1 chart. At the same time, it is important to break through the support levels set at 1.3904-1.3880, as well as to update the lows of 1.3808 and 1.3777 in the bigger time frames.

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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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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