Daily Technical analysis for March 24, 2021
EUR/USD
Current level – 1.1847
The euro continued to lose value against the dollar in yesterday’s trading session and, in the first hours of today’s trading, the currency pair reached and tested the key support at 1.1835. At the time of writing, this support has not yet been breached and the future direction of the pair depends on whether it manages to hold off the bears. In case it is breached, a strong downward movement can be expected. The first important resistance is the level of 1.1905.
USD/JPY
Current level – 108.49
The yen has been appreciating against the dollar ever since the currency pair entered a corrective phase in the last few trading sessions, and is preparing to test the key support at 108.32. It is this support that will determine whether the entire rally that began from the level of 102.50 will end or continue unobstructed. The first important resistance, in case of an upward movement, is 108.84.
GBP/USD
Current level – 1.3726
The currency pair continued its downward movement during the past trading session and, in the first hours of today, even broke the key support at 1.3750. The forecasts are for this downward movement to continue and for the pair to move towards a test of the next important support at 1.3640. In the opposite direction, the first significant resistance may be found at 1.3797.
Gold price consolidates above the support base
Gold price kept its stability above the breached resistance of the main bearish channel, which forms key support base now at 1727.00, starting today with bullish bias in attempt to move away from this level, motivated by the positive signal provided by stochastic, which support the chances of continuing the positive scenario in the upcoming sessions, noting that our main waited target reaches 1765.00.
On the other hand, we should note that breaking 1727.00 will stop the suggested rise and press on the price to return to the main bearish track again.
The expected trading range for today is between 1720.00 support and 1760.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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