DAILY TECHNICAL ANALYSIS FOR MARCH 07, 2022petar skakalov
Current level – 1.0828
During the early hours of today’s trading session, the sellers prevailed and the support at 1.0900 was successfully breached. At the time of writing this analysis the euro continues to lose ground against the U.S. Dollar and the expectations are the bearish trend to continue heading the pair towards a test of the next significant support at 1.0800. In the upward direction, if bulls re-enter the market, the correction should be limited to the first resistance level at 1.0900. This week, the investors will be expecting the announcement of the European Central Bank interest rate decision (Thursday; 12:45 GMT) and Lagard’s press-conference shortly after that.
Current level – 114.87
The support zone at 114.75 withheld the bearish attack and the U.S. Dollar recovered some of its recent losses and, at the time of writing, the pair is trading above the mentioned zone. A test of the resistance at 115.18 is highly possible but if the bullish momentum fades, then a successful test of the support zone at 114.75 could lead to a downward movement towards a test of the next support at 114.50.
Current level – 1.3188
In the early hours of today’s trading session, the appreciation of the U.S. dollar continued and, the pair successfully violated the support zone at 1.3214, and if the bears manage to maintain their control over the market, a test of the next support at 1.3150 is a possible scenario. However, if the bulls re-enter the markets we may witness a corrective move towards the resistance at 1.3271.
Midday update for Gold
Gold price resumes its positive trading to test 2000.000 barrier now, reinforcing the expectations of continuing the main bullish trend, paving the way to head towards 2050.00 that represents our next main target, noting that the EMA50 continues to support the suggested bullish wave, which will remain valid conditioned by the price stability above 1973.60.
The expected trading range for today is between 1970.00 support and 2010.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis