DAILY TECHNICAL ANALYSIS FOR MARCH 14, 2022petar skakalov
Current level – 1.0909
The beginning of the week started with the European currency attempting to restore its positions against the dollar. After the market opened, the euro’s attempt at breaching the resistance at 1.0936 was unsuccessful. If the bulls try to breach this level for a second time and succeed in doing so, then the next level of resistance they have to overcome is 1.0982. If they fail to stay above it, however, then the bears would once again prevail and head the price towards the support at 1.0845. For now, the mentioned level is managing to resist the pressure, but the market mood remains negative. The important news that is expected to come out this week is the change in the U.S. Federal Reserve’s key interest rate.
Current level – 117.79
The Japanese yen continues to lose ground against the U.S. dollar. The resistance at 117.00 was easily overcome on Friday and opened the way for the bulls towards the next one in the area at around 118.04. In the opposite direction, the main support is the level at 117.00. Even if it is successfully overcome, however, the return of the bears is still unlikely. So far, sentiment for the U.S. dollar remains positive.
Current level – 1.3011
So far, the price of the currency pair manages to stay below the resistance at 1.3099. The bears are in full control of the market and have successfully overcome the level at 1.3025, with their next target expected to be the support at 1.2978. If the bulls manage to return to the market, then their first goal should be to overcome the resistance at 1.3099. Given the negative mood, however, the movement is more likely to continue its decline.
Midday update for Gold
Gold price begins to press on the double top pattern, to support the continuation of the expected bearish trend scenario for today, which its targets begin by breaking 1960.00 to confirm opening the way to head towards 1925.35 as a next negative station, reminding you that it is important to hold below 2002.00 to achieve the waited targets.
The expected trading range for today is between 1950.00 support and 1990.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis