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21.03.202210:49 Forex Analysis & Reviews: Trading plan for starters of EUR/USD and GBP/USD on March 21, 2022

Details of the economic calendar of March 18:

Last week ended with a semi-empty macroeconomic calendar, the only thing that was published was data on Existing Home Sales in the U.S. The indicators came out at the close of the European session and were not particularly important on the market.

Analysis of trading charts from March 18

The EURUSD currency pair once again reduced the volume of long positions in the resistance area of 1.1120/1.1180. This led to a rebound in prices and a partial recovery of dollar positions. Relative to market cycles, the quote is in a medium-term downward trend, in the structure of which a corrective move has occurred.

The GBPUSD currency pair has been moving within the 1.3180/1.3200 resistance area for the third day in a row. This led to a slowdown in the corrective course and, as a result, a stage of stagnation. Regarding medium-term cycles, the downward trend from June 2021 continues on the market, where the psychological level of 1.3000 serves as support.

Exchange Rates 21.03.2022 analysis

March 21 economic calendar:

Monday is traditionally accompanied by an empty macroeconomic calendar. Nevertheless, stable information and news flow will continue to play on the nerves of speculators, which allows for new jumps in the market.

Trading plan for EUR/USD on March 21:

The process of restoring dollar positions is still relevant in the market. The strengthening of the downward move may occur when the price is kept below the value of 1.0990. In this case, movement in the direction of 1.0900–1.0800 is not excluded.

An alternative market development scenario will be considered by traders if the price holds above 1.1200 in a four-hour period.

Exchange Rates 21.03.2022 analysis

Trading plan for GBP/USD on March 21:

The stagnation stage will soon end, where the existing amplitude of 1.3100/1.3200 will play the role of a lever for speculators. In this case, the most optimal trading strategy is the method of breaking through one or another stagnation border.

Exchange Rates 21.03.2022 analysis

We concretize the above into trading signals:

Buy positions on the currency pair are taken into account after holding the price above the value of 1.3210 in a four-hour period with the prospect of a move to 1.3285.

Sell positions should be considered after holding the price below 1.3080 with the prospect of a move to 1.3000.

What is reflected in the trading charts?

A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.

Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.

Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.

The up/down arrows are the reference points of the possible price direction in the future.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Gven Podolsky,
Analytical expert of InstaSpot
© 2007-2026
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