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Daily Technical analysis for March 4, 2021

EUR/USD

Current level – 1.2050

The attack on the resistance level at 1.2104 from yesterday was not successful and the EUR/USD lost ground. During the early hours of today`s trading session, the price has been hovering under the support zone at 1.2064. If the breach is confirmed, a drop towards the next target at 1.2028 is the most probable scenario. This could exacerbate the negative sentiment for the currency pair in the short term and could lead to further losses for the European currency. The first significant resistance for the bulls is found at around 1.2104, but a breach of the next resistance at 1.2148 could lead to a shift in the current market sentiments.

USD/JPY

Current level –  107.04

The rally continues and the USD/JPY is heading for a test of the highs from August 2020, found at around 107.00. If the bulls remain in control, further rallies and new gains for the USD against the JPY are expected. If the bears prevail, a follow-up negative correction could lead to a test of the support zone at around 106.63. If this level fails to hold, we might see a deeper pullback towards the 106.02 area.

GPB/USD

Current level – 1.3946

The positive retracement for the Cable was limited by the resistance at 1.4000 and, at the time of writing the analysis, the price is preparing for a new test of the major support zone at 1.3926. A successful breach for the bears could easily pave the way towards the next support at 1.3842 and would negatively impact market sentiments. If the mentioned level holds, a future rally and a successful violation of the resistance zone at 1.4083 could lead to continuation of the general trend and an appreciation of the GBP against the USD.

Source: Technical analysis

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