FOREX: Euro Retreats From Two-Week High, 21-DMA Gravitates:; Major Support and Resistance 05.03.2018




EUR/USD -- Initial gains, sending the pair to its strongest
since Feb. 20, are short-lived; pair needs to close above 21-DMA
to signal short-term bottom in place
* 3rd resistance: 1.2402, the 61.8% Fibonacci retracement of
latest pullback
* 2nd resistance: 1.2365, Asia session high
* 1st resistance: 1.2323, 21-DMA
* Spot: 1.2280
* 1st support: 1.2252, March 2 low
* 2nd support: 1.2204, 55-DMA
* 3rd support: 1.2155, March 1 low

GBP/USD -- Orbits 55-DMA; close above 1.3820 needed to mark
short-term bottom, downside risks intact
* 3rd resistance: 1.3915, 21-DMA
* 2nd resistance: 1.3857, Feb. 22 low
* 1st resistance: 1.3799, 55-DMA
* Spot: 1.3785
* 1st support: 1.3756, March 2 low
* 2nd support: 1.3712, March 1 low
* 3rd support: 1.3642, 78.6% Fibonacci retracement of gains
since Jan. 11

USD/JPY -- Trades heavy, close above 106.00 needed for
bulls to target 21-DMA test
* 3rd resistance: 107.39, 21-DMA
* 2nd resistance: 106.29, March 2 high
* 1st resistance: 106.10, Feb. 19 low
* Spot: 105.45
* 1st support: 105.25, YTD low
* 2nd support: 104.94, 78.6% Fibonacci retracement of gains
since U.S. elections
* 3rd support: 103.21, 78.6% Fibonacci retracement of gains
since Brexit day

AUD/USD -- Trades heavy as 21-DMA bearishly crosses 55-DMA
* 3rd resistance: 0.7873, 55-DMA
* 2nd resistance: 0.7840, 21-DMA
* 1st resistance: 0.7777, Asia session high
* Spot: 0.7737
* 1st support: 0.7713, March 1 low
* 2nd support: 0.7695, Dec. 15 high
* 3rd support: 0.7638, 78.6% Fibonacci retracement of gains
since December

Source: Bloomberg Pro Terminal

Trader Velizar Mitov

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