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DAILY TECHNICAL ANALYSIS FOR MARCH 17, 2023

EUR/USD

Current level – 1.0615

In the past trading session, the bulls managed to recoup some of their losses, with the pair currently trading around the resistance level at 1.0631. If the bullish attack continues, we are likely to see an attempt to breach the aforementioned resistance. Otherwise, if the bears re-enter the market, the pair is likely to head towards the support level at 1.0573. Important news for traders where higher volatility is expected, is CPI for Europe at 10:00 GMT, with a previous value of 8.5%, expected to rise to 8.6%.

USD/JPY

Current level – 133.37

For the Ninja, the day was positive as the yen recorded a small gain against the dollar, with the resistance at 133.58 breached, but the breach was not confirmed. At the time of writing, the bears are trying to stop the bulls’ onslaught, with the pair trading around this resistance level. If the bulls continue their rise, a possible scenario is for the pair to head towards the next resistance level at 135.34. Otherwise, if the bears enter the market, we are likely to see an attempt to breach the support level at 132.51.

GBP/USD

Current level – 1.2118

The trading session for the pound was positive as it appreciated against the dollar and the resistance at 1.2085 was successfully brеаched. If the bull attack continues, a possible scenario is for the pair to head towards the next resistance level at 1.2140. Otherwise, if bearish investors attempt to recover their losses, the pair is likely to head towards the nearest support level at 1.2000.

Midday update for Gold

Gold price managed to breach 1928.60 level and attempts to build support base above it, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, and the way is open to head towards our next target that reaches 1960.00.

Stochastic overlaps positively to add more support to the expected bullish trend, besides the EMA50 that carries the price from below, reminding you that the continuation of the bullish wave requires holding above 1907.00.

The expected trading range for today is between 1915.00 support and 1950.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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