Analytical Overview Of The Main Currency Pairs - Wednesday, Mar. 31

The EUR/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.1763
  • Prev Close: 1.1716
  • % chg. over the last day: -0.40%

The euro continues to show negative dynamics and looks the weakest among major currencies. The price reached November 5 lows, and the dollar index broke through two important resistances, paving the way for further growth. After the positive CB report, the pair may remain under pressure until Friday, when the US labor market data is released.

Trading recommendations

  • Support levels: 1.1688, 1.1601
  • Resistance levels: 1.1889, 1.1990

The main scenario for trading EUR/USD is selling. Technical indicators show strong southward pressure in the medium term. But a short-term pullback from the 1.1688 support level is possible. A divergence has formed on the MACD, which is the first sign of an upcoming correction or stop. But while the pair is below 1.1770, the south direction will be the main one.

Alternative scenario: if the price manages to gain a foothold above the level of 1.1770, the pair may start a corrective rise to 1.1889 or higher.

(Click on image to enlarge)


News feed for 2021.03.31:

  • – German Unemployment Change (Mar) at 10:55 (GMT+3);
  • – Eurozone Consumer Price Index (CPI) (y/y) (Mar) at 12:00 (GMT+3);
  • – The ADP Nonfarm Payrolls (Mar) at 15:15 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

  • Prev Open: 1.3759
  • Prev Close: 1.3736
  • % chg. over the last day: -0.17%

The sterling is struggling to move south, which suggests that the fundamentals for the pair's growth in the long term are still present. Despite the significant growth of the dollar, the pound could not overcome the lows of March 25 and is still trading in the weekly range.

Trading recommendations

  • Support levels: 1.3680, 1.3610
  • Resistance levels: 1.3812, 1.3846
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Disclosure: This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, ...

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