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Daily Technical analysis for March 5, 2021

EUR/USD DAILY CHART – 200-MA IN THE CROSSHAIRS

From a technical perspective, EUR/USD rates look set to continue sliding lower in the coming weeks, as price slices through key psychological support at the 1.200 mark and the 100-day moving average.

With the RSI diving below 40, and the MACD slipping into negative territory, the path of least resistance seems lower.

A daily close below 1.1950 would probably intensify selling pressure and carve a path for price to challenge psychological support at 1.1900. Clearing that brings the sentiment-defining 200-MA (1.1810) into the crosshairs.

Alternatively, if 1.1950 holds firm, a relief rally back towards range resistance at 1.2035 – 1.2055 could be in the offing.

GOLD TECHNICAL ANALYSIS

Gold prices confirmed a break under the 78.6% Fibonacci extension at 1715, bringing the 1658 – 1678 support zone from last year closer into focus – see chart below. A bounce could unfold around this zone, placing the focus on a falling trendline from the end of December.

GOLD DAILY CHART

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are sitting right on the cusp of last year’s high at 65.62. Negative RSI divergence does show that upside momentum is fading however. This can at times precede a turn lower. Such an outcome could place the focus on the rising trendline from November.

WTI CRUDE OIL DAILY CHART

Source: Technical analysis

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