Daily Technical analysis for March 12, 2021petar skakalov
Current level – 1.1965
Yesterday’s trading session was the third in a row to close with gains for the euro against the greenback, effectively putting an end to the decline from 1.2240. The upward movement is expected to continue and the pair is to move towards a test of the important resistance at 1.2140, followed by the one at 1.2236. The first important support is the level at 1.1835. Today, investors’ interest will be focused on the data on the producer price index for the United States (13:30 GMT).
Current level – 108.66
The yen rose against the dollar in the last few trading sessions after initially reaching the local high of 109.20. Although today’s trading session began with an increase in the value of the dollar against the yen, the forecasts are for the downward movement to continue. The first support is the level at 108.44, and the key resistance is the mentioned local high at 109.20.
Current level – 1.3980
The forecasts here are for the upward movement to continue and for the pair to move towards a test of the key resistance – the local high at 1.4240. Although a slight correction is still possible, it should remain limited to the support area between 1.3775 – 1.3750.
Gold price breaks the support
Gold price broke the intraday bullish channel’s support line and settled below it, to complete forming bearish flag pattern that we expect to press on the price to turn downwards again, on its way to resume the main bearish track inside the main bearish channel that appears on the chart.
Therefore, the bearish trend will be expected for today supported by moving below the EMA50, and the targets begin at 1692.00 and extend to 1660.00 after surpassing the previous level, noting that breaching 1735.00 will stop the expected decline and lead the price to achieve strong gains that start at 1765.00.
The expected trading range for today is between 1695.00 support and 1735.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis