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10Mar

DAILY TECHNICAL ANALYSIS FOR MARCH 10, 2022

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EUR/USD

Current level – 1.1044

The European common currency recovered quite a bit of its recent losses against the greenback, and during the early hours of today`s trading, the pair tested the resistance zone at 1.1055. A confirmation of the breach, followed by a violation of the target at 1.1107, would strengthen the positive expectations for the future path of the pair and could easily lead to a rally towards the level at 1.1231. If the bullish momentum fades and the bears take control of the market, then the sell-off will most likely resume towards the support at 1.0936. A breach of the mentioned level could deepen the decline towards the major support at 1.0845. Today, an increase in market volatility could be expected around the announcement of the European Central Bank Interest Rate Decision (10:00 GMT), as well as during that of the U.S. Initial Jobless Claims data (13:30 GMT).

USD/JPY

Current level –  116.04

The bullish sentiment remained intact and the dollar continued to gain ground against the yen. At the time of writing the analysis, the USD/JPY is headed for a test of the resistance zone at 116.15. A successful breach here could strengthen the positive expectations for the future path of the pair and could easily lead to new gains for the Ninja. The first target for the bears is the support zone at 115.73, followed by the lower level at 115.18.

GBP/USD

Current level – 1.3160

The support zone at 1.3099 successfully withheld the bearish attack and the pound appreciated against the dollar. At the time of writing, volatility has subsided and a violation attempt of the resistance zone at 1.3214 is the most probable scenario. A breach of the aforementioned zone could lead to a continuation of the recovery and a move towards the zone at 1.3271. If the bears re-enter the market and manage to take the pair below the support zone at 1.3099, then the sell-off could pick up some steam and head towards the levels at around 1.3000.

Gold price achieves bearish correction

Gold price ended yesterday below 2000.00 level, to confirm starting correctional bearish wave for the rise measured from 1780.00 to 2070.50, on its way to test 1960.60 as a next station, which breaking it represents the key to extend the bearish wave to target 1925.35.

Therefore, the bearish bias will be expected for today, taking into consideration that breaching 2002.00 and holding above it will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1945.00 support and 2000.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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