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25.03.2021 11:49 AM
Technical analysis of EUR/USD and GBP/USD on March 25

EUR/USD

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The market extends yesterday's downward trend on EUR/USD. Currently, the pair is testing the first target level of 1.1821. The next downward targets are 1.1762-66 (monthly short-term trend) and 1.1695 (monthly Kijun). Today, the closest resistance level is located at 1.1886-96 (daily Tenkan-sen + weekly Kijun)

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Lower time frames indicate the strength of bears. They have already set a new low. Intraday reference points are at 1.1797 – 1.1783 – 1.1755 (classic Pivot levels). If the price consolidates above the Pivot Point of 1.1825, a corrective move is likely. The main reference point is seen at 1.1885 (weekly long-term trend). In case of a correction, mid-term resistance levels are seen at 1.1839 – 1.1867 – 1.1881 today.

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GBP/USD

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Yesterday, the price fell to 1.3672 (weekly Kijun). The upper border of the daily Ichimoku cloud (1.3771) is the next resistance level. The lower border of the cloud (1.3542) and weekly mid-term trend (1.3494) serve as the next support levels and reference points.

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Lower time frames indicate the strength of bears. They have already set a new daily low. The reference points are classic Pivot levels of 1.3655 – 1.3624 – 1.3575. In case of consolidation below the Pivot Point of 1.3704, a correction is likely. Reference points are at 1.3735 (R1) – 1.3784 (R2) – 1.3815-18 (R3 + weekly long-term trend).

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Tools used for technical analysis:

higher time frames - Ichimoku Kinko Hyo (9.26.52) and Kijun levels

H1 - Pivot Points (classic) and 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
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