Kickstart your FX trading for March 21 w/a technical look at the EURUSD, USDJPY and GBPUSD

There is a lot of news to digest.

  • The Swiss National Bank surprised the markets with a interest-rate cut, leading the way on the cut side for the major currencies (the Bank of Japan raised rates earlier this week).
  • The Federal Reserve kept the rates unchanged yesterday but still are targeting three cuts in 2024.
  • The Bank of England kept rates unchanged with some dovish overtones which helps to keep the GBP underpressure
  • PMI flash manufacturing data in Europe was weaker than expectations which keeps the ECB in play, but they still see June as a potential launch for a rate cut

The news has the EURUSD and GBPUSD moving lower. The USDJPY has seen down and up flows so far today.

What about the technicals?

In this video, I take a look at where we now stand from a technical perspective with a focus on bias, risk, targets.

This article was written by Greg Michalowski at Source