Technical analysis recommendations for EUR/USD and GBP/USD on Mar 27, 2020

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Economic calendar (Universal time)

The economic calendar does not contain important statistics today.

EUR / USD

The pair continued to rise, currently testing the daily medium-term trend (1.1066), the weekly Ichimoku cross (1.1067) and the monthly short-term trend (1.1066). The accumulation of such important and strong levels can contribute to inhibition and the formation of rebound. It should be borne in mind that the closing of the week is coming, and then the month. Players on promotion now will most likely seek to maintain and maintain the achieved result in order to ensure the bullish character of the weekly reversal candle and preserve some prospects and optimism for the March candle. In case of overcoming the met levels, the next resistance can now be identified at 1.1119-67 (weekly Fibo Kijun and Senkou Span A) – 1.1267 (weekly Senkou Span B) – 1.1370 (monthly Fibo Kijun). The nearest supports today are located at 1.1009 (daily Senkou span B) – 1.0965 (weekly Fibo Kijun)-1.0913-1.0879 (daily Tenkan + historical level).

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At the lower time intervals, all analyzed technical instruments currently give preference to players to increase. Their support allowed the bulls to perform a good climb and reach the important and strong landmarks of the upper halves (level of 1.1067). The following upward milestones within the day are the resistance of the classic Pivot levels 1.1102 – 1.1175 – 1.1290. The development of a developing correction and the formation of rebound from the encountered resistance can return the bearish mood. Among the important supports in this situation, 1.0987 (central Pivot level) – 1.0914 (S1) – 1.0831 (weekly long-term trend) can be noted.

GBP / USD

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The players to increase performed an upward correction to the daily medium-term (1.2305) and weekly short-term (1.2309) trends. The following milestones are located at 1.2424-62 (weekly levels + monthly Tenkan) and 1.2544 (monthly Fibo Kijun + daily Fibo Kijun). Now, resistance force can lead to a slow down or rebound formation. In this case, support for the higher halves can be noted at 1.2094 (daily Fibo Kijun) – 1.1958 (historical level) – 1.1858 (daily Tenkan). It should be borne in mind that today we close the week, and then the month of March. As a result, players on the rise, who have actively won their positions in recent days, are likely to seek to maintain and consolidate the result.

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At the moment, the advantage and support of all the analyzed technical instruments belong to the players on the rise. The breakdown of the resistance of the higher halves (district 1.2305-10) will open the way to the landmarks of the classic Pivot levels at 1.2331 – 1.2507 – 1.2784. The most significant support for the lower halves today are located at 1.2054 (central Pivot-level of the day) and 1.1806 (weekly long-term trend). A reliable fixation below will change the current balance of forces and will serve as confirmation of the formation of rebound from the met resistance of the higher halves.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis recommendations for EUR/USD and GBP/USD on March 27

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