Technical analysis recommendations for EUR/USD and GBP/USD on March 12
Economic calendar (Universal time)
Against the backdrop of global disruptions, tragedy and the big game of those who are or are just going to become a world government, the economic calendar, with separate statistical data, sometimes looks very faded, with little definition. Nevertheless, stresses and collapses in quotes cannot occur daily, but economic indicators are constant and have a schedule.
12:30 producer price index (USA)
12:45 interest rate decision and monetary policy statement (ECB)
13:30 press conference of the ECB
EUR / USD
The pair performed a deep corrective decline to the daily short-term trend (1.1262). Strengthening this support is also provided by Fibo Kijun (daily and weekly), which are now located slightly lower at the level of 1.1222. It is possible to form a rebound, but the depth of correction and the strength of the resistance, which still remain a wide front within 1.1370 - 1.1479, are unlikely to allow players to increase in the near future to restore positions. If the met levels are broken, and the decline continues, the next support zone is now concentrated in the 1.1137 area (monthly Tenkan + weekly Kijun + lower border of the weekly cloud + daily Kijun).
At lower time intervals, the players to decline went down to key levels. At the moment, a retest of the central Pivot level (1.1293) and the weekly long-term trend (1.1319) is being performed. If the bears keep these levels for themselves and update yesterday's low (1.1251), then we will continue to decline. At the same time, supporting the classic Pivot levels 1.1219 - 1.1177 - 1.1103 will act as downward targets within the day. Fixing above the weekly long-term trend (1.1319) will preserve uncertainty and prolong the confrontation, since it is difficult to expect players to quickly win and restore positions in the current situation, although now everything is possible. The levels of 1.1409 (R2), 1.1451 (R3) and 1.1496 (maximum extremum) are among the landmarks that can be noted today.
GBP / USD
The pair closed the last day under the support of 1.2851-82 (weekly Kijun + monthly Fibo Kijun). As a result, the main interest of the bears today is focused on the accumulation of supports 1.2736 - 1.2670 (weekly levels + monthly Tenkan). Moreover, consolidation below will allow to consider new bearish perspectives. The closest resistances are now the levels passed on the eve of 1.2851-82 and 1.2967-1.3001.
At the lower time intervals, having the advantage and support of all the analyzed technical instruments, the players to decline develop a downward trend after the breakdown of the weekly long-term trend. Today, the bears have already designated a new low. Support and guidance within the day are the classic Pivot levels 1.2758 (S1) - 1.2695 (S2) - 1.2586 (S3). The first guideline for the development of the upward correction is the resistance of the central Pivot level (1.2867). In turn, the most important resistance that can influence the distribution of forces is currently at 1.2976 (weekly long-term trend).
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company - www.instaforex.com