years on the market
Monday, March 23rd—the news of the day: 2020 Summer Olympics in Tokyo can be canceled amid the coronavirus outbreak. Analysts say that the markets are extremely oversold, Dow Jones futures dropped over 600 points in one day, oil prices return to positive movement. EUR/USD is at 1.0689, GBP/USD—1.1558, both falling; Brent oil is $25.45 per barrel. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is downward. The ascending (blue) pattern ended with the breakout of an inclined channel. Stochastic Oscillator moving averages showed an exit from the overbought zone and are directed downward. A breakout of 1.1388 will result in the formation of a descending pattern within the overall downtrend. Keep track of the rate changes in real time.
Trading recommendations: sell below 1.1388; stop loss: 1.1650; target levels: 1.2650 (close the order and move to breakeven); 1.122.
The overall trend is downward. A shooting star reversal pattern has formed with a false breakout. The moving averages of Stochastic Oscillator are in the range of level 80 (overbought zone). The gap remains open. Keep track of the rate changes in real time.
Trading recommendations: sell at a breakout of 273.62; stop loss: 283.25; target levels: 66.60 (close the price gap — ½ + breakeven); 255.00.
The pair consolidates in the range of 1.0655–1.0775 amid the massive economic stimulus measures by the ECB and the Fed, which do not allow it to take a definitive direction.
Trading recommendations: if the price does not go above 1.0775, it may turn around towards 1.0550. Keep track of the rate changes in real time.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.