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Daily Market Update 08 Mar 2021

EURUSD

HIGH

1.19320

LOW

1.18805

BID

1.18825

ASK

1.18829

CHANGE

0%

TIME

09:41:17

OUTLOOK SUMMARY

Down

TREND CONDITION

Downward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Instrument gained momentum on the downside, turning medium-term bias to the negative side. However, possible upwards extension is required to clear resistive measure at 1.1928 (R1) on the first place. In such event we would suggest next intraday targets at 1.1989 (R2) and 1.2050 (R3). Downwards scenario: Local low offers a key supportive measure at 1.1870 (S1) on the downside. A violation here is liable to prolong downtrend structure and expose our initial targets at 1.1810 (S2) and 1.1750 (S3).

Resistance Levels: 1.1928, 1.1989, 1.2050

Support Levels: 1.1870, 1.1810, 1.1750

 

GBPUSD

HIGH

1.38655

LOW

1.37999

BID

1.38133

ASK

1.38140

CHANGE

0%

TIME

09:41:17

OUTLOOK SUMMARY

Down

TREND CONDITION

Downward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

Upwards scenario: Downside structure remains in focus, however break of our initial resistance at 1.3850 (R1) could enable recovery process and suggest next interim aim 1.3923 (R2). Final resistance is seen today at important fractal level 1.3998 (R3). Downwards scenario: Our next support level is placed at 1.3777 (S1). Clearance here might stimulate bearish market participants to drive market price towards to our initial target zone from 1.3702 (S2) onto 1.3627 (S3) price levels.

Resistance Levels: 1.3850, 1.3923, 1.3998

Support Levels: 1.3777, 1.3702, 1.3627

 

USDJPY

HIGH

108.487

LOW

108.260

BID

108.467

ASK

108.473

CHANGE

0%

TIME

09:41:17

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

Upwards scenario: Next actual resistance level is seen at 108.63 (R1). If the market manages to surge higher, our focus will shift to the next target at 109.15 (R2) and any further price strengthening would be limited to final resistance at 109.67 (R3). Downwards scenario: On the other hand, price devaluation below the support at 108.09 (S1) could maintain negative tone in near-term perspective. In such case we would suggest next target at 107.58 (S2) on route towards to final aim for today at 107.07 (S3).

Resistance Levels: 108.63, 109.15, 109.67

Support Levels: 108.09, 107.58, 107.07

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