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09.03.2023 10:56 AM
EUR/USD and GBP/USD technical analysis on March 9, 2023

EUR/USD

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Higher time frames

Yesterday, the pair changed its direction on the daily time frame and ended up below the monthly support level of 1.0579. This is the selling zone relative to the daily Ichimoku Cloud. If bears confirm their position and the downtrend continues, their next target apart from the support levels on higher time frames (1.0461 - 1.0320 - 1.0284) will be a breakout of the daily Ichimoku Cloud. Given this, bulls will have to regain control of the monthly level of 1.0579 and take over the daily short-term trend level of 1.0610. They will also need to settle inside the daily Ichimoku Cloud at 1.0620.

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H4 – H1

On lower time frames, the pair has been developing a correction for some time but it looks more like a flat movement. Now the pair is stuck at the daily central pivot level of 1.0548. An upside correction will take the price to the resistance of the weekly long-term trend at 1.0607. This is the key level one lower time frames which maintains the current market balance. Trading below this level keeps bears in charge of the market. A firm hold above this range will change the current outlook. Additional resistance levels within the day are found at the standard pivot levels of 1.0570 - 1.0597 - 1.0619. If the price leaves the correction channel and retests the low of 1.0525, the support at the standard pivot levels of 1.0521 - 1.0499 - 1.0472 will become relevant again.

***

GBP/USD

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Higher time frames

Bears have left the consolidation zone and are now testing the monthly support at 1.1842. A break above this level will open the way to the breakout daily target at 1.1636 - 1.1717 fortified by the weekly support of 1.1648. In case of a rebound from the support of 1.1842, the pound may return to the consolidation zone and to the daily short-term trend at 1.1972.

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H4 – H1

In the course of an upside correction, the pair gained control of the central pivot level of 1.1833 on lower time frames. If bulls develop an uptrend, their upward targets for today will be found at the pivot levels of 1.1865 – 1.1889 – 1.1921 and the weekly long-term trend at 1.1942. If the correction ends, and bears take over the central pivot level of the day at 1.1833, traders' focus will shift to the support area formed by classic pivot levels of 1.1809 – 1.1777 – 1.1753.

***

Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
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