Monday 13th March 2023: Technical Outlook and Review – IC Markets


Price has reversed from 1st resistance area of 105.56, with lines up with the 38.2% Fibonacci retracement which is an overlap resistance. it could potentially drop to our 1st support at 101.12, 

In terms of resistance, if the price were to break the 1st resistance, it could push up to 107.93  which is an overlap resistance. 

EURUSD has reversed nicely from our 1st  support at 1.04788 with lines up the 38.2% Fibonacci retracement and is seeing bullish divergence vs RSI. Price could potentially rise to our intermediate support at 1.0787 if price were to break through, it could push up to our 1st resistance at 1.1001

In terms of support, The first major support is at 1.0478 which is a strong overlap support. If price were to break this level, we could see it drop further to our support at 1.03545 

Price has reversed from our intermediate support at 1.184 7, which is an overlap support, it could rise to our 1st resistance at 1.2440 and our 2nd resistance at 1.2671

Regarding support levels, our 1st support is at 1.1630 which is overlap support with lines up the 38.2% Fibonacci retracement

Price seeing that our 1st support level at 0.9080 if price were to reverse from this level, it could rise to our intermediate resistance at 0.9284, if price were to break through, we could see it push up to the 1st resistance at 0.9414..The 2nd resistance level is at 0.9596 with line sup the 50% Fibonacci retracement.

Price is lingering between 1st support at 130.84 which is overlap support and 1st resistance at 139.45 with lines up the 50% Fibonacci retracement, if price were to break through, it could rise to our 2nd resistance at 145.16. Our 2nd support is 127.087

Price is lingering in our 1st support area at 0.6554 with lines up the 61.8% Fibonacci retracement, if price were to break through If the price were to break from this level, the next key support level would be at 0.6383, which is another overlap support

Regarding resistance levels, the 1st resistance is at 0.6886  which is a strong Overlap resistance, and the 2nd resistance is at 0.7127 which is a pullback resistance level.

We are seeing  a double-top pattern and price has reversed from the neckline that align with our 1st resistance at 0.6196 which lines up the 38.2% Fibonacci retracment, if pierce were to break through, it could push up to our 2nd resistance at 0.6476

Regarding support levels, the 1st support is at 0.5897 with lines up the 61.8% Fibonacci retracment 

The 1st support we’re looking at is  1.3701 which is a pullback support, if price were to break through, it could drop to our 2nd support at 1.3515 which is overlap support.

In terms of resistance, the 1st resistance is 1.3981 which is a swing high resistance. 

Price has bouched off from our intermediate support at 31776 with lines up the 50% Fibonacci retracement and price could potentially push up to our 1st resistance at 32490 with lines up the 38.2% Fibonacci retracement and 2nd resistance at 33524.

If price were to break from our intermediate support, it could drop further to our 1st support at 30285 which is overlap support 

Price has reversed from major swing high resistance at 15677 which is a swing high resistance and it currently testing  our intermediate support at 15214  which is overlap support if price were to break from this level, it could drop to our 1st  support at 14877

In terms of the resistance, our 2nd resistance level is 16275 with is another major swing high resistance 

Price is testing our 1st resistance at 22827 which is an overlap resistance if price were to break from this level, it could push up to our 2nd resistance is 25249 which is a swing-high resistance 

Regarding support level, if price were to reverse from our resistance, it could drop to our 1st support at 19657 and our 2nd support is 18330 which is another major overlap support level.

Price is testing our 1st resistance at 3906 which is an overlap resistance, if price were to break through, it could potentially push up to our 2nd resistance at 4245 

Regarding support level, If the price were to reverse from the 1st resistance level, our 1st support is 3759 and 2nd support is 3583 which is another swing low support.

Price is approaching our 1st resistance  level at 1674, if price were to reverse from here, it could drop down to our 1st support  level at 1357 with lines up the 61.8% Fibonacci retracement, which is overlap support and 2nd support is 1153

Price is respecting our ascending trendline which lines up with our 1st support level at 72.72, if price were to reverse from this level, it could push up to our 1st resistance at 82.119 which is overlap resistance and 2nd resistance is 92.47 which is another overlap resistance

Price has reversed nicely from our 1st support at 1805. Currently, the price is testing our 1st resistance at 181 which lines up with the 50% Fibonacci retracement. If the price were to reverse from this resistance, it could drop to our 1st support at 1805. Our 2nd support is at 1734, which is overlap support.

Our 2nd resistance is at 1960, which is a swing-high resistance.

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