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DAILY TECHNICAL ANALYSIS FOR MARCH 01, 2022

EUR/USD

Current level – 1.1196

The euro managed to recover half of its Monday losses against the U.S. dollar. The main news is that Russia and Ukraine have agreed to negotiate on the border with Belarus. However, the recovery is too weak and the movement of the currency pair was limited below the resistance level of 1.1237. This shows that the downward movement is not over and the pair is therefore projected to move towards a new test of the support at 1.1107. Volatility will remain high during the week due to the ongoing war, as well as due to the important economic data for the United States, which will be released at the end of the week and which we have already mentioned in yesterday’s analysis.

USD/JPY

Current level –  115.15

Over the past session, the dollar lost ground against the yen and turned towards the support at 114.84. A possible breach of the next level at 114.50 would give the bears a more serious advantage, but this support is more likely to hold and the currency pair is to return to the upper border of the formed range between 114.50 and the resistance at 115.70.

GBP/USD

Current level – 1.3408

The Cable recovered everything it lost against the dollar in the past session and turned towards the resistance at 1.3500. In case the currency pair breaches this level and manages to stay above it, then this would clear the way for the bulls towards the next resistance at 1.3600. If this scenario does not happen, then the negative trend, indicated by the longer time frames, will continue and the bears are likely to prevail once more, storming the support at 1.3366.

Gold price keeps its negative stability

Gold price settles below 1916.25 level, and provided negative attempts yesterday but it faces solid support at 1895.00, waiting to break this level to rally towards our waited negative target at 1860.00 direct.

In general, the bearish trend scenario will remain valid and active for the upcoming period unless the price rallied to breach 1916.25 followed by 1928.60 levels and hold above them.

The expected trading range for today is between 1870.00 support and 1930.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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