HOME > Market Analysis > Market analysis

Euro, Pound, Yen short-term trend forecast

Thursday (March 29) quoted the Dukascopy Bank analysis point of view to analyze and predict the trend of the euro (1.2256, 0.0017, 0.14%), the British pound (1.4017, 0.0017, 0.12%) and the yen.

1. EUR/USD: upward correction target 1.2350; 1.2400

The 4 hours chart shows that the exchange rate fell sharply on Wednesday, since the Asian plate touched the high of 1.2421 and then fell to kinetic energy, overnight the lowest European plate price touched 1.2298, then rebounded slightly. As the U.S. dollar index (90.3185, -0.1243, -0.14%) continued to rebound on Wednesday, and the US quarter last quarter announced that the U.S. quarter final rate of GDP recorded better than expected, the U.S. dollar regained its upward momentum. It fell sharply.

During the four-hour period on Thursday, the price was consolidating. After the price fell 1.2298 yesterday, it was supported by the support level near that point and stopped the decline. As of the press release, the pair still traded above 1.2298. Expected upward correction of the exchange rate, the current resistance is 1.2350, and then the 1.2400 mark. The support level looks towards the 1.2300 mark. Because of strong support at this point, there is little probability that the price will fall below this level in the short-term.

2. GBP/USD: Callback upwards Target level: 1.4090; 1.4100

At the hourly level, the exchange rate did not rise above the 55-hour moving average in the early days of the Asian Games and the European market yesterday. Afterwards, it quickly ushered in a wave of strong declines, following the better-than-expected European quarterly US final quarterly GDP rate announcement. The bears took the upper hand and pulled the exchange rate down below the 1.4100 mark.

During the time of Thursday, the price of the Asian Games continued to decline. The lowest European price hit 1.4033 and gained support. The current technical indicators showed an oversold signal, and the price may be adjusted upwards. The current resistance level looks at the 1.4090 on the 4-track downtrend channel, and then the 1.4100 level, until the 55-hour moving average and the 100-hour moving average are 1.4150.

3. USD/JPY: Down callback Target: 105.80

The exchange rate regained its upward momentum yesterday. The hourly chart shows that the price in the European market during the European market reached its upper limit of 105.44 on Wednesday. It has risen strongly and reached the highest level of 107.00 in the day. The uptrend has been restrained and the price has recovered afterwards. Expected exchange rate continues to pull back downwards.

The current support looks at the 105.80 point near the 55-hour moving average and the 200-hour moving average. The price may reach the low point and gain support to stop the decline. The current resistance level looks to 107.40.