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March 31 chart overview for EURUSD and GBPUSD

The euro is exchanged for 1.11100 dollars, weakening the common European currency by 0.41% since the beginning of trading tonight.
The GBPUSD pair is moving inside consolidation without any major spikes. At the beginning of the week, we had a drop to 1.30500, but the pair recovered and climbed to 1.31800.
The unemployment rate in the eurozone dropped to a record low in February ahead of the war in Ukraine, official data announced on Thursday.
The economy of Great Britain grew more than estimated in the fourth quarter, data from the Office for National Statistics showed on Thursday.

EURUSD chart analysis

During Asian trade, the euro fails to keep gains against the dollar from before. This morning, worse than expected figures for retail sales in Germany for February were published. Optimism on the European stock market prevailed the day before yesterday, as Russian and Ukrainian negotiators in Istanbul made a positive shift in the negotiations, which weakened the dollar as the main safe-haven currency. However, since last night, that impression has faded. The euro is exchanged for 1.11100 dollars, weakening the common European currency by 0.41% since the beginning of trading tonight. Yesterday’s maximum was at 1.11860, and the pair encountered resistance there, and after that, we see the current pullback that lowered us to the 1.11000 level. We are now testing this potential support zone and the MA200 moving average. Since we are under today’s bearish pressure, we can expect the pullback to continue until the next support zone around 1.10500. Additional support in that zone is in the MA20 and MA50 moving average. If this zone does not last, we are looking for the next support at the previous low at 1.09500, then 1.09000 and then the March minimum at 1.08000. For the bullish option, we need a new positive consolidation and growth above the 1.12000 resistance zone, and is need the pair EURUSD to form a new higher high on the chart.

GBPUSD chart analysis

The GBPUSD pair is moving inside consolidation without any major spikes. At the beginning of the week, we had a drop to 1.30500, but the pair recovered and climbed to 1.31800. We are now at 1.31270 between MA20 at the bottom and MA50 at the top. It is impossible to predict the trend’s further movement, but we can follow the events if the pair makes a break below the support or above the resistance zone. For the bearish option, we need negative consolidation and pullback below 1.31000, then 1.30500. Increased bearish pressure should then lower the pair to a new March low test at 1,300,000. We need a break above 1.32000 and the upper trend line for the bullish option. After that, our target is the resistance at 1.32750, and the additional pressure on that level is the MA200 moving average. We need the continuation of positive consolidation, which would make a break above up to the March resistance zone at the 1.34000 level.

Market overview

European news

The unemployment rate in the eurozone dropped to a record low in February ahead of the war in Ukraine, official data announced on Thursday.

Eurostat reported that the unemployment rate fell to 6.8 % in February from 6.9 % in January. The rate is projected to fall to 6.7 % from January’s original estimated rate of 6.8 %.

The data showed that the number of unemployed decreased by 181,000 compared to the previous month to 11.155 million in February. Unemployment has fallen by 2.150 million since last year.

The war adds uncertainty to employment prospects and could result in delayed new employment, Colijn added. This is especially the case in production because the survey of industrial sentiment has already shown a drop in expectations for new employment in March.

British news

The economy of Great Britain grew more than estimated in the fourth quarter, data from the Office for National Statistics showed on Thursday.

Gross domestic product rose 1.3 % in a row in the fourth quarter, instead of the original estimate of 1.0 %. This was also faster than the 0.9 % growth in the third quarter.

The level of GDP was now 0.1 % below what it was before the coronavirus in the fourth quarter of 2019.

The revision of GDP growth upwards in the fourth quarter may not be as encouraging as it seems because much of it seems to be due to inventories. Consumer spending is revised downwards, said Paul Dales, an economist at Capital Economics.

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