Daily Technical analysis for March 11, 2021petar skakalov
Current level – 1.1928
The bulls managed to limit the sales at the support level of 1.1835, after which the U.S. dollar lost ground against the single European currency and this led to a successful breach of the resistance at 1.1905. At the time of writing the analysis, the sentiment is still positive, for an appreciation of the euro against the dollar towards the next significant resistance at 1.2019. In the negative direction, the first important support zone for the currency pair remains the level at 1.1835. Today, investors will focus on the announcement of the data on the European Central Bank interest rate decision (12:45 GMT), as well as the data on the initial jobless claims for the U.S. (13:30 GMT).
Current level – 108.52
The dollar lost momentum and, at the time of writing the analysis, it is found in an ongoing test of the support zone at 108.44. A successful breach here would lead to additional losses for the U.S. dollar. On the other hand, if the bulls manage to hold their positions, we could witness а formation of a range movement in the narrow channel 108.44 – 109.25.
Current level – 1.3929
The buyers managed to gain momentum and we witnessed a successful breach of the resistance at 1.3903, which currently prevents the formation of a range movement. At the time of writing, the sentiment is still positive and the next goal for the bulls would be a test of the psychological level of resistance at 1.3995. A successful breach of this level would strengthen the bullish moods, which may result in a price increase and a test of the local highs at 1.4180.
Gold price turns to rise
Gold price confirmed breaching 1721.00 level to turn to rise on the intraday basis, targeting testing the bearish channel’s resistance at 1765.00 mainly, supported by moving above the EMA50.
Therefore, we expect witnessing more rise in the upcoming sessions, affected by the completion of the bullish flag pattern, taking into consideration that breaking 1718.00 will stop the positive scenario and press on the price to decline again.
The expected trading range for today is between 1718.00 support and 1750.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis