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Daily analysis of major pairs for March 21, 2014

Profile photo of Wayne McDonell by Wayne McDonell
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EUR/USD: At last, the EUR/USD was able to trade below the resistance line at 1.3800, leading to the awaited Bearish Confirmation Pattern in the chart. The support line at 1.3750 has been tested and could be re-tested again. Should it be broken to the downside, the price would go to the next support line at 1.3700.

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USD/CHF: Since the current ‘buy’ signal on this pair has been established, the price has been going upwards in a noteworthy manner. Although there is a pause in the current buying pressure, it is possible that the price would not go lower than the support level at 0.8800 (which currently serves as a barrier to any bearish attempts). The resistance level at 0.8900 is the target for this week or next week.

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GBP/USD: Since the Cable broke out downwards from the equilibrium zone, it has been trending further downwards. Now, the price is trading below the distribution territory at 1.6500, targeting the accumulation territory at 1.6450. With a continuation of the selling pressure, the accumulation territory would soon be tested.

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USD/JPY: The ‘buy’ signal that occurred on the USD/JPY is currently under threat – plus the signal would be totally rendered useless when the price closes below the EMA 56. Should the price fail to close below the EMA 56, the bullish signal would be renewed. Otherwise, one may prepared to sell.

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EUR/JPY: Despite the bullish attempts that have been seen this week, the bearish indication on this currency trading instrument remains valid. Right now, the price is trading below the supply zone at 141.00, testing the demand zone at 141.50.

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