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The latest short-term trend forecast for the euro, pound, and yen

On Monday (March 19), the European market quoted the view of analysts from Dukascopy Bank and forecasted the short-term trend of the euro (1.2465, 0.0018, 0.14%), the British pound (1.4229, 0.0001, and 0.01%) and the yen.

1. EUR/USD: The exchange rate rose at the beginning of the European market on Friday, but it is still subject to the level of 55-;100-; and the 200-hour moving average. The exchange rate fell from the European market's gains.

The hourly chart shows that the current price is measuring the position of the 6-month uptrend line, and the material price will continue to fall further. Before the longer-term rebound, the 1.2240 level should be measured first. Expected prices rebounded, after the 1.2300 mark broke through for a period of time to sort out, after consolidating the downside strength and then further upside up 1.2340 target.

(Euro/U.S. hour chart, Source: FX Street, FX168 Financial Network)

2. GBP/USD: The exchange rate fluctuates significantly on Friday, and the price of European stocks rose afterwards. Due to the release of a large wave of economic data in the United States, the three-hour decline followed by the support of the 200-hour moving average at the 1.3900 level Support, stop the decline. So far today, prices have traded between the 55-hour moving average and the 100-hour moving average.

The price fell slightly after the material price, and the position of the lower channel under the three-week down channel was measured. However, the support of the 1.2-hour moving average at the position of 1.3900 was strong, and it may continue to suppress the decline of the exchange rate. As the technical indicators generally see more, the price may still be retested after the 1.400 mark, and then 1.4144 level.

(GBP/USD hourly chart, Source: FX Street, FX168 Financial Network)

3. USD/JPY: Although the U.S. dollar index (88.9930, -0.0797, -0.09%) slightly welcomed the bullish signal last Friday, this modest rebound is still confined to the 106.20 level at the 55-hour moving average. So far today, the price performance has broken through the uptrend channel of the previous two weeks and made a turbulent trade. The current technical indicators are bearish, which means that the probability of testing 105.35 level after the price is relatively large, but due to strong support at this point, further breakdown may not be significant.

The current resistance level looks at where the 55-hour and 200-hour moving averages are

(USD/JPY hourly chart, Source: FX Street, FX168 Financial Network)