FOREX:Euro, Yen Sideways Trading vs Dollar May Be Ending:Major Support and Resistance 20.03.2018

20.03.2018 / 17:21

Rating:

EUR/USD -- Downside risks still alive as February trendline
caps; 55-DMA support tested, held a second time; triangle break
may be imminent, see earlier story
* 3rd resistance: 1.2446, March 8 high
* 2nd resistance: 1.2413, March 14 high
* 1st resistance: 1.2384, trendline since three-year and YTD
high
* Spot: 1.2335
* 1st support: 1.2320, 21-DMA
* 2nd support: 1.2290, 55-DMA
* 3rd support: 1.2173, 38.2% Fibonacci retracement of gains
since Nov. 7

GBP/USD -- Bullish break as 55-DMA defines lower end of
range; bulls eye close above 1.4103
* 3rd resistance: 1.4145, Feb. 16 high
* 2nd resistance: 1.4103, 61.8% Fibonacci retracement of drop
since Jan. 25
* 1st resistance: 1.4088, March 19 high
* Spot: 1.4036
* 1st support: 1.3994-96, March 13-14 double-top
* 2nd support: 1.3929, pivot s2
* 3rd support: 1.3900-11, 21-, 55-DMA

USD/JPY -- Bulls fail to win battle with 21-DMA resistance
while trendline since Feb. 21 caps; still, dips below 106.00
keep finding good demand; a breakout above trendline or a fresh
YTD low could signal start of a large move
* 3rd resistance: 107.29, March 13 high
* 2nd resistance: 107.12, trendline
* 1st resistance: 106.53, 21-DMA
* Spot: 106.24
* 1st support: 105.68, March 19 low
* 2nd support: 105.46, March 7 low
* 3rd support: 105.25, YTD low

AUD/USD -- Drop below March 1 low gives leeway to bears to
hold on exposure
* 3rd resistance: 0.7885, 55-DMA
* 2nd resistance: 0.7804, March 16 high, 21-DMA
* 1st resistance: 0.7727, March 19 high
* Spot: 0.7702
* 1st support: 0.7654, Dec. 5 high
* 2nd support: 0.7638, 78.6% Fibonacci retracement of gains
since December
* 3rd support: 0.7628, Dec. 14 low

Source Bloomberg Pro Terminal

Trader Velizar Mitov

Varchev Traders

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FOREX:Euro, Yen Sideways Trading vs Dollar May Be Ending:Major Support and Resistance 20.03.2018

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