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Daily Technical analysis for March 2, 2021

EURUSD

The euro is moving against the US dollar in a downward direction on the hourly interval. The pair broke the classic bullish channel, and it may target 1.1980 price level.

Resistance levels: 1.2200 – 1.2300 – 1.2400

Support levels: 1.1900 – 1.1800 – 1.1700 

Trend: Bearish

GBPUSD

The GBPUSD pair is moving in a downward direction on the hourly interval. it is possible that the pair will fall to 1.3700, which represents a strong support level.

Resistance: 1.4100 – 1.4200 – 1.4300

Support: 1.3700 – 1.3800 – 1.3900

Direction: Bearish

USDJPY

The USDJPY pair is moving in an upward direction on the hourly interval. The price is close to the 106.60 resistance level and the upper bound of the ascending classical channel.

Resistance 106.50 – 107.00 – 108.00

Support: 103.50 – 102.00 – 101.00

Trend: Bullish

Gold

Gold is moving in a volatile direction on the hourly interval. The price is touching the support level of 1720, and it is likely to rise in the coming hours.

Resistance: 1860 – 1900 – 2000

Support: 1750 – 1700 – 1600

Trend: Bearish

Oil

Oil (Brent crude) is moving in a downward direction on the hourly interval. The price finds the support level of 62.30, and the price is expected to rise from it to re-test the broken channel.

Resistance: 67.50 – 68.00 – 70.00

Support: 62.00 – 61.00 – 60.00

Trend: Bearish

Source: Technical analysis

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