Majors Daily Forecast Mar 22 2018

EURUSD: Around Critical Resistance! GBPUSD: Bullish But May pullback Before Eyeing the 1.4277 levels. USDJPY Consolidates With Downside Bias!

blank

EURUSD: Around Critical Resistance!

Despite the strong rebound yesterday, the EURUSD remains neutral at the moment. resistance comes at the 1.2354 levels, to avoid a return to the downside, the pair will have to break and hold above the 1.2354 levels and the falling trendline. If seen it will target the 1.2420 levels where a break will aim the 1.2475/1.2522 levels, further upside, resistance comes at the 12613 levels.

Alternatively, a failure to hold above the 1.2354 levels could mean a return to the 1.2240 levels where a cut will aim the 1.2185 levels, a halt is likely, but if this fails, the pair will extend decline to the 1.2088/1.2033 levels.

Conclusion: The EURUSD continues to consolidate with downside risk below the 1.2354 levels.

blankGBPUSD: Bullish But May pullback Before Eyeing the 1.4277 levels.

The GBPUSD continues its bullish momentum yesterday, bottomed at the 1.3993 levels and topped at the 1.4149 levels. On the upside, a sustained breakout – daily closing – above the 1.4150 levels is needed to open the way to the 1.4277 level, further upside, resistance comes at the 1.4350 levels.

Buying the pair around 1.4150 could be risky a bit, buy on the corrective pullback to the nearest support level to minimize the risk.

Alternatively, a failure to hold above the 1.4150 levels ( daily & weekly resistance ) could mean a return to the 1.4070/1.3993 levels where buying is recommended, however; below 1.3993 should weaken recent rise and pave the way to the 1.873 levels.

Conclusion: The GBPUSD continues to face upside threats above the 1.3993 levels with a risk to the 1.4277 levels, below 1.3993 sees a pullback threat to the 1.3873 levels.

blankUSDJPY Consolidates With Downside Bias!

As long as 107.05 resistance holds on a daily closing basis, the USDJPY remains neutral with risk to the downside, support comes at the 105.45 levels, a halt is likely but a cut would open 104.28, further down, support comes at the 102.85 levels.

On the upside, resistance comes at the 107.05 levels (main). A daily closing above 107.05 will aim the 107.80 levels. A break will turn outlook bullish and pave the way to the 108.77/110.20 levels.

Conclusion: The USDJPY continues to consolidate with a downside risk below the 107.05 levels.

blank

Daily Events*

blank

* All Times Are GMT

MARKET DATA

UPCOMING ECONOMIC EVENTS