Premium Club Bonus

Enjoy up to an
Extra 20% Deposit Bonus

SHARE
this page
FacebookTwitterLinkedInWhatsAppTelegramMessenger

Technical Outlook

  

-GBPUSD halted at $1.8394 with buyers entering the market and pushing the price to the next resistance at $1.21789.

-EURUSD price is trading below the 50MA and above the 200MA showing range movement.

USA (USD): USA CORE CPI – YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. Last month’s YoY CPI increased to 6,4%, higher than the forecast of 6.2%.

The report is due Tuesday, 14 March at 12:30 GMT

GBP/USD Technical Analysis:

Analysis using price action:

GBPUSD does not have a clear trend and is trading between support and resistance of $1.18394 and $1.24571. On 12th Jan a bullish indication of golden cross formation was also seen, after which the price movement went up significantly. Moving forward On 26th Jan 2023, the price formed a clear price pattern-“Double top” with this a strong resistance is formed at 1.24571.

 After the second top form, the buyers were not able to successfully break the pattern and so the sellers took control moving the price below by approx 3.55% in 3 just 3 daily trading sessions. With series of lower high and lows the price halted at $1.18394. Currently the price is trading below the 50MA and above the 200MA meaning it might. The RSI line is at 54.20 showing slight overbought condition.

Recently the price broke the previous high at 1.20626. Traders may look for price to break above  $1.21789 or below $1.18394 for confirmation of BUY or SELL call.

Pivot Points: GBPUSD

  Support  Resistance
S11.1858R11.1967
S21.1790R21.2008
S31.1749R31.2076

EUROPE (EURO): EUROZONE INTEREST RATE DECISION

The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short-term interest rates are the primary factor in currency valuation. The last interest rate was set to 3.00%.

The report is due Thursday, 16 March at 13:15 GMT

EUR/USD Technical Analysis:

Analysis using price action:

EURUSD broke the bullish channel and is not in accumulation phase. The MA formed a golden cross after the 50MA crossed above the 200MA on 30th Dec 2023, signaling the prices may go up higher.

The high formation is at $1.10330. The market started to slide down, crossing below the 50MA signaling short-term bearish pressure in the market. However, the 200MA remains below the current trading price. Currently the price has halted at $1.05344 also forming a support.

The RSI line is at 55.23, showing slight overbought condition. Traders must wait for the price to either break above the resistance at $1.07379 or below the support at $1.05344  for a clear indication of where the price may be.

Pivot Points:  EURUSD

Support Resistance
S11.0549R11.0602
S21.0516R21.0624
S31.0495R31.0656

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

Trading Experience Plus

Previous
Next

Fast & easy account opening

  • Register

    Choose an account type and submit your application

  • Fund

    Fund your account using a wide range of funding methods

  • Trade

    Access 500+ instruments across all asset classes on MT4/MT5

That's it, it's that easy to open a Forex and CFD trading account.
Welcome to the world of trading!
Open Live Account

Contact Us

  • General Enquiries

    We are here to provide you with a successful trading journey from account opening to funding and trading.

    [email protected]
  • Premium Clients

    If you are interested in becoming a premium to unlock your extra services as a high-volume trader or joining Vantage Club, please email us below.

    [email protected]