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TECHNICAL ANALYSIS MAR.11

Euro

The 4-hour chart shows clearly the effect of ECB meeting results. The euro currency sharply cheapened against the US dollar. The quotes’ drop was stopped at 1.0800 due to the support from the market. Draghi’s comments allowed the euro to regain its losses and the price jumped to the three-week maximum. According to the data received from the analysts from Fort Financial Services, resistance levels at 1.0925 and 1.1150 were overpassed during the growth.

The bulls will maintain their leadership if they break through the resistance at 1.1260. Their target will be 1.1350.

The bears will regain the initiative if they break through the support at 1.1150. Their target will be 1.1050 and 1.0925.

technical_eurusd_11_03_2016

Pound

The data from the 4-hour chart shows an increase of the pair GBP/USD, as well as the narrow range where the pair consolidates. Bulls’ activation led to the breakthrough of the level 1.4240 however, the insurmountable obstacle for further growth was a strong resistance at 1.4320.

The bulls will maintain the leadership if they break through the resistance at 1.4320. Their target will be 1.4400 and 1.4480.

The bears will regain the initiative if they break through the support at 1.4240. Their target will be 1.4160 and 1.4080.

technical_gbpusd_11_03_2016

Yen

The 4-hour chart shows a sharp increase of the yen against the US dollar. Bears’ return to the market was accompanied by the overpass of support levels 113.80 and 113.00. The analysts from FortFS confirmed the fact that the trades ended slightly below the last price level.

The bulls will regain the leadership if they break through the resistance at 113.00. Their target will be 113.80 and 114.60.

The bears will maintain the initiative if they break through the support at 112.20. Their target will be 111.40.

technical_usdjpy_11_03_2016

You can read the market review on the website:
https://www.fortfs.com

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