Dear colleagues,
For the EUR/USD pair, we are following the descending structure from March 20. The downward movement to the bottom is expected to continue after the breakdown of 1.1265. For the GBP/USD pair, we follow the development of the downward structure from March 19 and the key level of support is at 1.3206. For the pair USD/CHF pair, the price forms the ascending structure from March 20. The upward movement to the top is expected after the breakdown of 0.9974. For the pair USD/JPY, we are expecting to reach the level of 110.09 and the key support level is at 110.58. For the EUR/JPY pair, we are following the development of the downward structure from March 20. The downward movement to the bottom is expected to continue after the breakdown of 125.52 and the key support level is at 125.28. On the GBP/JPY pair, we are following the development of the downward cycle of March 14. The downward movement to the bottom is expected to continue after the breakdown of 144.25.
Forecast for March 22:
Analytical review of H1-scale currency pairs:
For the EUR/USD pair, the key levels on the H1 scale are 1.1378, 1.1341, 1.1318, 1.1280, 1.1265, 1.1238 and 1.1203. Here, we follow the formation of the downward structure of March 20. The downward movement to the bottom is expected to continue after the breakdown of after the price passes the noise range of 1.1280 - 1.1265, which in this case the goal is 1.1238. The potential value for the downward movement can be considered at the level of 1.1203, after reaching this level we can expect to go into a correction.
The Short-term upward movement is possible in the range of 1.1318 - 1.1341. The breakdown of the latter value will lead to in-depth movement with the target of 1.1378, this level is key support for the upward structure.
The main trend is the formation of the downward structure of March 20.
Trading recommendations:
Buy 1.1318 Take profit: 1.1340
Buy 1.1345 Take profit: 1.1376
Sell: 1.1265 Take profit: 1.1240
Sell: 1.1236 Take profit: 1.1205
For the GBP/USD pair, the key levels on the H1 scale are 1.3253, 1.3206, 1.3161, 1.3043, 1.3018, 1.2976, 1.2914 and 1.2881. Here, we are following the downward structure of March 19. The downward movement to the bottom is expected to continue after the price passes the noise range of 1.1280 - 1.1265, which in this case the target for consolidation is 1.1238. The breakdown of the level 1.2976 should be accompanied by a pronounced downward movement with the target of 1.2914. We consider the potential value for the downward structure to be at 1.2881. After reaching of which, we can expect a rollback to the top.
The Short-term upward movement is possible in the range of 1.3161 - 1.3206. the breakdown of the latter value will lead to a prolonged correction with the target of 1.3253. This level is key support for the downward structure of March 19.
The main trend is the downward structure of March 19.
Trading recommendations:
Buy: 1.3161 Take profit: 1.3204
Buy: 1.3208 Take profit: 1.3250
Sell: 1.3018 Take profit: 1.2978
Sell: 1.2974 Take profit: 1.2915
The material has been provided by InstaForex Company - www.instaforex.com