DAILY TECHNICAL ANALYSIS FOR MARCH 04, 2022petar skakalov
Current level – 1.1120
The currency pair failed to overcome the resistance at 1.1232 and was strongly sold off with the opening of European markets. Support at 1.1180 has been breached and the bears are testing the bottom again at 1.1107. Prices have failed to bounce off the zone and it is possible that it will be cleared as well. In such a scenario, a new wave of sell-offs is possible, aimed at testing support at 1.1000. Today, a second round of talks is expected between Ukraine and Russia, and with favorable developments, the bulls may return to the market, but while prices are below 1.1290, expectations remain negative. Today, the significant events in the economic calendar are the Eurozone preliminary CPI at 10:00 GMT and the testimony of chairman Powell in front of Congress at 15:00 GMT. However the situation in Ukraine remains a leading factor in market development.
Current level – 115.01
The resistance at 115.73 was tested once again, and the bears confirmed their intention to maintain their positions. It is likely that the market will continue to trade in the range between support at 114.50 and resistance 115.73. At the moment, the mood is mixed and prices do not find a clear direction.
Current level – 1.3320
Like the euro, the sterling also started the month in the red. The resistance at 1.3434 was tested once again and briefly after a massive sell-off followed. The bottom at 1.3271 has not yet been tested, but the low presence of bulls suggests that such a test is possible. The market shows divergence and if the support at 1.3270 is not cleared, a complex pullback is likely to develop. Prices remain in bears territory until the resistance at 1.3600 is broken. In case of breaking the 1.3270 support, a drop to the next support at 1.3200 is possible.
Gold price resumes the rise
Gold price opens today with clear positivity to touch 1950.00 level, reinforcing the expectations of continuing the bullish trend, which targets 1960.00 followed by 2000.00 levels as next main stations.
The EMA50 continues to support the bullish wave that moves organized inside the bullish channel that appears on the chart, which will remain valid unless breaking 1916.25 and 1910.00 levels.
The expected trading range for today is between 1920.00 support and 1970.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis