empty
17.03.2023 12:19 PM
Technical analysis of EUR/USD and GBP/USD on March 17, 2023

EUR/USD

This image is no longer relevant

Larger timeframes

EUR/USD halted its move at a one-month support of 1.0579 and it is getting ready to rebound. The euro bears couldn't push the price through support. Hence, the bulls are entering the market and testing the nearest resistance levels which were passed yesterday with no sweat. Now the levels of the daily Ichimoku cross and the lower border of the daily cloud such as 1.0639 – 1.0661 – 1.0694 serve as resistance. The bulls will be able to exert their influence by testing higher levels, namely one-week levels of 1.0779 – 1.0810.

This image is no longer relevant

H4 – H1

At the moment, EUR/USD is testing the one-week long-term trend line of 1.0663 on smaller timeframes. This level is responsible for shaping a balance on smaller timeframes. If the price settles firmly above it, the bulls will be able to assert their strength. So, we could expect a further climb. The next intraday resistance levels are seen at classic pivot levels of 1.0685 – 1.0733 reinforced by 1.0694. Today the bears are focused on the support levels of 1.0601 (the central pivot intraday level) and 1.0565 – 1.0517 – 1.0481 (classic pivot levels).

***

GBP/USD

This image is no longer relevant

Larger timeframes

The support levels of GBP/USD coped well with the task and the instrument now aims to exit from the daily cloud at around 1.2166 upward. The next upward targets are seen at 1.2302 (one-month medium-term trend) and 1.2447 (the ultimate high). The key support now comes from one-week levels (1.2125 – 1.2073) and intraday levels (1.2035 – 1.2002).

This image is no longer relevant

H4 – H1

Despite some decline and closing lower, the one-week long-term trend line managed the task well. The bulls are holding the upper hand. On smaller timeframes, it is important for the bulls to update the high of 1.2202 and hit the target breaking the H4 cloud between 1.2218 and 1.2264. The classic pivot levels (1.2187 – 1.2247) interim resistance may act as interim resistance today. The key levels today are clustered between 1.2087 and 1.2107 represented by the central pivot level and a one-week long-term trend line. If the instrument settles lower and reverses its trajectory, this could change the balance of trading forces. The other intraday targets are seen as support levels of classic pivot levels (1.2047 – 1.1987 – 1.1947).

***

This technical analysis is based on the following ideas:

Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Smaller timeframes - H1 – classic pivot points + 120-period Moving Average (weekly long-term trend line)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. May 23rd. Smart Money System Analysis

After the breakdown of the bearish structure, we witnessed a strong rally in the euro, which, as of now, cannot be considered complete. The new bullish structure remains intact

Samir Klishi 20:09 2025-05-23 UTC+2

Trading Signals for BITCOIN for May 23-27, 2025: sell below $108,700 (200 EMA - 21 SMA)

Bitcoin is trading around 109,369, bouncing back after reaching the key level of 107,500, which represents strong support for Bitcoin. If it consolidates above 108,700 (21SMA) in the coming hours

Dimitrios Zappas 18:16 2025-05-23 UTC+2

Trading Signals for GOLD for May 23-27, 2025: sell below $3,360 (7/8 Murray - 21 SMA)

On the other hand, if gold consolidates above 3,370, the outlook could remain positive, and we could expect it to rise and reach 8/8 of the Murray level at 3,437

Dimitrios Zappas 18:14 2025-05-23 UTC+2

XAG/USD. Analysis and Forecast

Silver is regaining positive momentum, maintaining control above the key psychological level of $33.00. The emergence of buying on declines confirms that this week's breakout above the upper boundary

Irina Yanina 17:27 2025-05-23 UTC+2

Forecast for EUR/USD on May 23, 2025

On Thursday, the EUR/USD pair retraced back to the support zone of 1.1260–1.1282, reversed in favor of the euro, and resumed its upward movement toward the yet-to-be-tested resistance zone

Samir Klishi 16:39 2025-05-23 UTC+2

Forecast for GBP/USD on May 23, 2025

On the hourly chart, the GBP/USD pair traded sideways on Thursday but overall continues its upward movement. On Friday, the pair achieved a new consolidation above the minor resistance level

Samir Klishi 16:28 2025-05-23 UTC+2

Forex forecast 23/05/2025: EUR/USD, GBP/USD, SP500, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:51 2025-05-23 UTC+2

EUR/USD Forecast for May 23, 2025

The Eurozone PMI data for May, published yesterday, was disappointing. The Manufacturing PMI dropped from 49.0 to 48.4 (vs. expectations of 49.2), and the Services PMI declined from 50.1

Laurie Bailey 05:16 2025-05-23 UTC+2

GBP/USD Forecast for May 23, 2025

Yesterday, the British pound closed at its opening level, which visually appears as a consolidation below the 1.3433 level — a level that the price is already attempting to break

Laurie Bailey 04:48 2025-05-23 UTC+2

EUR/NZD Forecast for May 23, 2025

On the daily chart, the pair's quote breaks above the MACD line after spending two weeks below it. The Marlin oscillator's entry into positive territory supports the assumption

Laurie Bailey 04:43 2025-05-23 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.