The first week of March ended with a noticeable increase in volatility across global financial markets. The key drivers were geopolitical tensions in the Middle East and unexpectedly weak US labour market data. Concerns about disruptions to oil shipments near the Strait of Hormuz pushed energy prices sharply higher, while the latest macroeconomic statistics from the United States raised new questions about the strength of the economic cycle.
According to the latest report, US Non-Farm Payrolls fell by 92K, while the unemployment rate increased to 4.4%. This combination reinforced concerns that the US labour market may be gradually losing momentum. At the same time, rising energy prices are creating additional inflationary risks. As a result, markets are entering the week of March 09–13 in a highly sensitive state where both macroeconomic data and geopolitical headlines can trigger sharp price movements.
By the close of trading on Friday, March 06, the main instruments finished the week near the following levels: EUR/USD around 1.1618, Brent near 93.04, gold approximately 5,171, silver around 84.37, Bitcoin trading near 67,616, and Ethereum close to 1,978. These levels form the starting point for the coming week’s technical outlook.
EUR/USD
The EUR/USD pair spent most of the past week under pressure, declining from the 1.18 region to a weekly close near 1.1618. The move occurred despite weaker US labour data, indicating that demand for the US dollar as a defensive asset remains strong amid geopolitical uncertainty.
From a technical perspective, the pair has slipped below the 1.17 level, which previously acted as an important short-term support. The loss of this level increases the probability that sellers may attempt to test lower zones if risk aversion continues to dominate market sentiment.
The nearest resistance levels are located around 1.1660 and 1.1700. If the pair manages to return above this zone, the next targets may appear near 1.1760 and 1.1800. On the downside, support can be seen near 1.1545 and 1.1530. A break below this area could open the path toward 1.1480 and potentially 1.1420.
Baseline view: neutral-to-bearish while EUR/USD remains below 1.1700, with the market likely to retest the 1.1545–1.1530 support zone.
Brent Crude Oil
Brent crude oil became the strongest-performing asset of the week. Prices surged from roughly 72.50 at the end of February to a close near 93.04, briefly touching levels above 94 during Friday’s session.
The rally reflects a rapid repricing of geopolitical risk following tensions affecting shipping routes in the Middle East. The Strait of Hormuz remains one of the most important oil transit corridors in the world, and even limited disruptions can significantly affect global supply expectations.
Technically, Brent has broken several resistance zones and entered a strong upward trend. The nearest resistance levels are located around 95.00 and 98.00. If bullish momentum continues, the psychological level of 100.00 may become the next major target.
Support levels are now seen near 88.00 and 86.30. A deeper correction could extend toward the 83.50 region if the market begins to take profits after the recent rally.
Baseline view: bullish while Brent remains above the 88.00–86.30 support zone.
Gold (XAU/USD)
Gold remained supported during the week, although trading was accompanied by significant volatility. After a brief drop earlier in the week, the metal recovered and finished Friday close to 5,171.
Demand for gold continues to be supported by geopolitical uncertainty and the weaker US employment data, both of which increase interest in safe-haven assets. However, the relatively strong US dollar has limited the pace of the metal’s upward movement.
The nearest resistance levels are located near 5,175 and 5,205. If buyers manage to break above this zone, the next target may appear near 5,260.
Support is seen around 5,100 and 5,060. If these levels are broken, sellers may attempt to push the price toward the 5,000 area.
Baseline view: bullish while gold holds above 5,060.
Silver (XAG/USD)
Silver showed even stronger volatility than gold during the week. After falling sharply earlier in the week, the metal recovered part of its losses and finished Friday near 84.37.
Silver often behaves as a hybrid asset, reacting both to safe-haven demand and to changes in global risk sentiment. This explains the wider swings compared with gold.
The nearest resistance levels are located near 85.00 and 86.80. If buyers manage to break above this area, the price could move toward 89.50.
Support levels are seen near 82.40 and 81.65. If the price falls below these levels, the next target may appear near 79.00.
Baseline view: cautiously bullish while the price remains above 82.40.
Bitcoin (BTC/USD)
Bitcoin showed strong volatility during the week. The cryptocurrency climbed toward 74,000 mid-week but later reversed and fell back toward the 67,000 region.
At the moment Bitcoin is trading around 67,616, indicating that the market has not yet established a clear directional trend. The inability to maintain prices above 70,000 suggests that buyers are still facing strong resistance.
The nearest resistance levels are located around 71,350 and 74,000. If the price manages to break above this zone, the next targets may appear near 76,500.
Support levels are seen near 67,400 and 66,300. A break below these levels could increase pressure toward 65,300.
Baseline view: neutral with a slight bearish bias while Bitcoin remains below the 71,350–74,000 resistance zone.
Ethereum (ETH/USD)
Ethereum generally followed Bitcoin’s trajectory but showed weaker relative strength. After briefly rising above 2,100, the price declined and finished the week close to 1,978.
Altcoins typically react more strongly to shifts in market sentiment, and Ethereum remains vulnerable if broader risk appetite deteriorates.
The nearest resistance levels are located near 2,020 and 2,095. A breakout above this zone could allow the price to move toward 2,160–2,200.
Support levels are located near 1,955 and 1,930. If these levels are broken, the next downside target may appear near 1,900.
Baseline view: neutral-to-bearish while Ethereum remains below 2,020–2,095.
NordFX Analytical Group
Disclaimer: These materials are not an investment recommendation or a guide for working on financial markets and are for informational purposes only. Trading on financial markets is risky and can lead to a complete loss of deposited funds.
