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Technical analysis recommendations for EUR/USD and GBP/USD on March 6

Economic calendar (Universal time)

On the first Friday of the month, the main attention in the economic calendar is focused on indicators from the United States: the publication of the data on unemployment rate and the change in the number of people employed in the non-agricultural sector is expected at 13:30 UTC+00. Today is no exception.

EUR / USD

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The daily cloud worked as reliable support after the breakdown. The players to decline failed to reach a significant restoration of positions, while the opponent, as expected, began testing the most important extreme of this section - 1.1214 (maximum current braking) and 1.1240 (previous maximum extreme of weekly and monthly correction). Now, consolidating above will be another good reason for a further reliable change in the downward trend. Today, we close the week and it is better to talk about new upward prospects on Monday. At the same time, supports today at 1.1147 (the lower border of the weekly cloud) and 1.1111 (the daily cloud) can be noted.

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Having returned themselves to the central Pivot level, players on increase continued their upward movement, indicating new highs. The advantage now on H1 belongs entirely to the players on the increase. The upward reference points within the day are the resistance of the classic Pivot levels 1.1282 (R1) - 1.1326 (R2) - 1.1407 (R3). The key support for the lower halves and the main guidelines for the development of the correctional decline today are at 1.1201 (central Pivot level) and 1.1128 (weekly long-term trend).

GBP / USD

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The pair performed an upward correction to the daily medium-term trend (1.2967), now strengthened by weekly levels of 1.2967 (Tenkan) - 1.3010 (Fibo Kijun). As a result, slow down and rebound formation are possible in the near future. The closest support area in this situation is 1.2910 (daily Fibo Kijun) - 1.2882 (weekly Fibo Kijun) - 1.2854 (weekly Kijun).

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Everything remains the same at the lower time intervals. The players to increase retain their advantage and continue to rise. The resistances of the classic Pivot levels, which serve as daily reference points are located today at 1.2993 - 1.3033 - 1.3100. The nearest important support is the central Pivot level (1.2926). Now, consolidation below will allow counting on further strengthening of the bearish sentiment, but in order to change the balance of power, players to decrease will need to perform a fairly effective decrease. Its main reference will be the weekly long-term trend (1.2835) and intermediate support can be noted at 1.2886 (S1).

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

The material has been provided by InstaForex Company - www.instaforex.com