The bulls did not manage to reach and test the weekly medium-term trend (1.1975) yesterday. So, the pair returned to the accumulation zone of various daily and weekly levels, which are now exerting their influence and attraction and increasing the chances of forming the uncertainty. As a result, the weekly medium-term trend (1.1975) and February's low extreme (1.1952) remain as support levels. Meanwhile, the most important resistances are set in the range of 1.2150-70 (weekly Tenkan + upper border of the daily cloud + historical level).
The deep upward correction allowed some technical instruments to question the ability and advantage of the bears. However, the most important resistance level of 1.2110 (weekly long-term trend) has not yet been broken. A consolidation above which and reversal of moving averages will clearly affect the current balance of power, which will lead to a new assessment of the situation. In any case, we note the other upward targets seen at 1.2125 - 1.2160 - 1.2227 (classic pivot levels).
The current nearest support is the central pivot level of 1.2058. The continuation of the downward trend will only be considered until the low of 1.1992 is broken.
Yesterday, the strengthened and fairly wide support zone 1.3904-1.3845-23 (daily + weekly levels) managed to defend bulls' prospects and maintain its value. Today, the pair is holding above this zone. The nearest resistance levels are at the daily levels of 1.3982 and 1.4049. Meanwhile, the levels of 1.4118 (upper limit of the monthly cloud) - 1.4181 (breakdown of the weekly target) - 1.4240 (February's maximum extreme) are considered to be the focus of interest of the bulls.
In the H1 chart, the current upward correction changed the preferences of the analyzed technical indicators, allowing us to break through the central pivot level of the day (1.1930). The most vital role in the near future will be played by testing the weekly long-term trend (1.3999) and forming the result of further interaction. Upon its breakdown, the path will open towards the resistance levels of 1.4048 (R2) and 1.4120 (R3). However, if the bears return to the central pivot level (1.1930) and the low (1.3858), there is a possibility that the downward trend will be recovered.
Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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