DAILY TECHNICAL ANALYSIS FOR MARCH 11, 2022petar skakalov
Current level – 1.0998
Although the single European currency managed to regain some of its lost positions against the U.S. dollar, the bulls were limited around the resistance level at 1.1107. The bears managed to gain momentum, and as the pair entered a consolidation phase, the subsequent depreciation of the euro against the greenback could deepen towards the support zone at 1.0936 and the local bottom at 1.0800. During the last trading session for the week, no economic news is expected to affect the market, but investors continue to follow closely the events around the war between Russia and Ukraine.
Current level – 116.45
The U.S. dollar continues to gain ground against the Japanese yen as the bulls easily overcome any resistance in their way. The next significant area in front of the currency pair would be the 117.00 zone. In a downward direction, the main support is the level at 115.73, and in case of a successful breach, it is possible to witness the resumption of the range move of 114.73 – 115.73.
Current level – 1.3085
The support area at 1.3099 played its role, and from the beginning of the last session, the bulls took control for a brief moment. At the end of the day, however, the bears regained control of the market and brought the price towards the local minimum at 1.3099. At the time of writing the analysis, the currency pair is sitting directly below the mentioned support and so the breach still cannot be considered complete. A confirmation here could give additional impetus to the sellers, which in turn would deepen the sell-off down towards the level of 1.3000. The manufacturing production data in the UK (today; 07:00 GMT), as well as the GDP data for the United Kingdom (also today; 07:00 GMT) could affect the volatility of the currency pair.
Midday update for Gold
Gold price shows weak trades since morning, while stochastic provides negative signals on the four hours’ time frame, to keep the bearish trend scenario active for today, which depends on the price stability below 2002.00, while its next main target located at 1960.00.
The expected trading range for today is between 1960.00 support and 2010.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis