Outlook on March 3:

Analytical review of popular currency pairs on the hourly chart:

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The key levels for the EUR/USD pair are 1.2155, 1.2107, 1.2065, 1.1991, 1.1950, 1.1893, 1.1864 and 1.1807. The price has been moving in a downward trend from February 25. In this case, we expect a short-term decline in the 1.1991 – 1.1950 range. If the level of 1.1950 is broken, strong decline will continue to the target of 1.1893. The price is likely to consolidate in the range of 1.1893 – 1.1864. The final potential downward target is 1.1807. After reaching it, the price may consolidate and pullback upwards.

The price may consolidate in the range of 1.2065 – 1.2107. If the level of 1.2107 breaks down, a prolonged correction can be expected. The target is set at 1.2155, which is also the key support level.

The main trend is the downward trend from February 25.

Trading recommendations:

Buy: 1.2108 Take profit: 1.2155

Buy: 1.2158 Take profit: 1.2230

Sell: 1.1990 Take profit: 1.1952

Sell: 1.1948 Take profit: 1.1893

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The key levels for the GBP/USD pair are 1.4085, 1.4042, 1.3987, 1.3937, 1.3839, 1.3767, 1.3689, 1.3640 and 1.3545. The price has been following the development of the downward trend since February 24. We expect the decline to resume after breaking through the level of 1.3839. In such a case, the target will be set at 1.3768. The price may consolidate around this level. The breakdown of 1.3766 level will lead to a strong decline towards the next target of 1.3689. The price may consolidate in the 1.3689 – 1.3640 range. The ultimate downward target is 1.3545. Once this level is reached, an upward pullback can be expected.

A consolidated movement, in turn, is possible in the range of 1.3937 – 1.3987. Once the last value breaks down, a deep correction may occur. The target is 1.4042. The key support is in the range of 1.4042 – 1.4085.

The main trend is the downward trend from February 24.

Trading recommendations:

Buy: 1.3988 Take profit: 1.4042

Buy: 1.4043 Take profit: 1.4085

Sell: 1.3839 Take profit: 1.3768

Sell: 1.3765 Take profit: 1.3690

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The key levels for the USD/CHF pair are 0.9267, 0.9242, 0.9186, 0.9159, 0.9139, 0.9118 and 0.9084. The price has been moving up since February 16. Thus, we expect a short-term growth in the 0.9159 – 0.9186 range. If the level of 0.9186 breaks down, strong growth will continue towards the next target of 0.9242. The price may consolidate closer to this level. The final potential upward target is set at 0.9267. After reaching this level, a downward pullback can be expected.

On the other hand, a short-term decline is possible in the range of 0.9139 – 0.9118. If the level of 0.9118 breaks down, a deep correction can be expected. The target is seen at 0.9084, which is also the key support level.

The main trend is the upward trend from February 16.

Trading recommendations:

Buy: 0.9161 Take profit: 0.9184

Buy: 0.9188 Take profit: 0.9240

Sell: 0.9139 Take profit: 0.9120

Sell: 0.9117 Take profit: 0.9090

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The key levels for the USD/JPY are 108.56, 108.01, 107.77, 107.39, 107.02, 106.56, 106.27 and 105.85. The price continues its upward trend that started from February 23. In this case, we expect a short-term growth in the range of 107.02 – 107.39. Once the level of 107.39 breaks down, strong growth will resume towards the target of 107.77. The price may consolidate in the 107.77 – 108.01 range. The ultimate potential upward target is set at 108.56. After reaching it, a price consolidation and downward pullback may occur.

A short-term decline is expected in the 106.56 – 106.27 range. If the level of 106.27 breaks down, a deep correction will occur. The target is set at 105.85, which is also the key support level.

The main trend is the upward trend from February 23.

Trading recommendations:

Buy: 107.02 Take profit: 107.37

Buy: 107.41 Take profit: 107.77

Sell: 106.56 Take profit: 106.28

Sell: 106.25 Take profit: 105.85

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The key levels for the USD/CAD pair are 1.2926, 1.2891, 1.2834, 1.2753, 1.2715, 1.2643, 1.2601 and 1.2556. The price is forming a potential for the upward trend from February 25. Now, we expect a short-term growth in the 1.2715 – 1.2753 range. If the last value breaks down, strong growth will follow towards the next target of 1.2834. Its breakdown will lead us to the final potential target of 1.2926. The price may consolidate in the range of 1.2891 – 1.2926.

In turn, a short-term decline is possible in the range of 1.2643 – 1.2601. If the level of 1.2601 breaks down, a deep correction may occur. The target is set at 1.2556, which is also the key support level.

The main trend is the formation of an upward trend from February 25.

Trading recommendations:

Buy: 1.2753 Take profit: 1.2834

Buy: 1.2836 Take profit: 1.2890

Sell: 1.2559 Take profit: 1.2556

Sell: 1.2554 Take profit: 1.2466

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The key levels for the AUD/USD pair are 0.7884, 0.7819, 0.7744, 0.7695, 0.7648, 0.7576, 0.7498 and 0.7450. The price has been following the formation of the bearish trend from February 25. In this case, we expect the trend to continue after the level of 0.7744 breaks down. The first target is set at 0.7695. This will be followed by a short-term decline in the 0.7695 – 0.7648 range. If the last value breaks down, we can expect a strong decline towards the target of 0.7576. The final potential downward target is set at 0.7450. After reaching this level, the price may consolidate in the range of 0.7498 – 0.7450, and then pullback upwards.

On the contrary, short-term growth is possible in the range of 0.7819 – 0.7884. If the last value breaks down, the upward trend will develop. In this case, we expect the strong initial conditions for an upward trend to be formed.

The main trend is the formation of a downward trend from February 25, correction stage.

Trading recommendations:

Buy: 0.7822 Take profit: 0.7882

Buy: 0.7895 Take profit: 0.7953

Sell: 0.7744 Take profit: 0.7696

Sell: 0.7695 Take profit: 0.7650

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The key levels for the EUR/JPY pair are 130.52, 130.00, 129.63, 128.70, 128.26 and 127.23. The price continues to move in a local bullish trend from February 17. Thus, we expect a short-term growth in the range of 129.63 – 130.00. Upon the breakdown of the last value, the upward movement may resume to the potential target of 130.52. A downward pullback can be expected from this level.

The price may consolidate in the range of 128.70 – 128.26, from which a key upward reversal can be expected. If the level of 128.26 breaks down, the downward trend will develop. In this case, the potential target is set at 127.23.

The main trend is the local upward trend from February 17.

Trading recommendations:

Buy: 129.63 Take profit: 130.00

Buy: 130.02 Take profit: 130.52

Sell: 128.68 Take profit: 128.27

Sell: 128.24 Take profit: 127.53

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The key levels for the GBP/JPY pair are 150.40, 149.66, 148.12, 147.39, 146.70, 146.30, 145.49 and 145.07. The price follows the formation of the bearish trend from February 25. We expect the trend to extend after the 148.12 level is broken. The target is set at 147.39 and the price may consolidate around this level. Once the target breaks down, the downward movement will continue to the level of 146.70. Another price consolidation may occur within this level. The price breaking through the 146.70 – 146.30 range should be accompanied by a strong decline. The target is seen at 145.49, with a consolidation in the range of 145.49 – 145.07.

The key support level is 149.66. A breakout of this level will encourage the development of an upward trend. The potential target is set at 150.40.

The main trend is the downward trend from February 25.

Trading recommendations:

Buy: 149.67 Take profit: 150.40

Buy: Take profit:

Sell: 148.12 Take profit: 147.40

Sell: 147.37 Take profit: 146.70

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

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