Technical analysis recommendations for EUR/USD and GBP/USD on February 2
February 2, 2021 10:21 am
EUR/USD
The pair declined again to the previous support levels of 1.2064-54 (weekly Fibo Kijun + maximum extremum), showing a slowdown in this area. If these support levels are broken, further decline will continue. Bears’ nearest pivot point will be 1.1975 (weekly medium-term trend), which strengthens the level of 1.1938 (lower limit of the daily Ichimoku cloud). Yesterday, the pair attempted to leave the levels of 1.2124 (daily short-term trend) and 1.2116 (upper limit of the cloud), but they retain their value today. Now, if the bulls show active strength, we will consider the resistance levels of 1.2170 and 1.2201.
On the H1 chart, the bears consolidated below the key levels of 1.2116 (weekly long-term trend) and 1.2084 (central pivot level) after declining to 1.2064-54 (support levels) in the bigger time frames. The reached supports can help the bulls to even out the opponent’s victory yesterday. As soon as it consolidates above 1.2084 – 1.2116, it will be possible to return to the historical level of 1.2170. In addition, the relevance will be given to the other levels in the higher time frames.
On the contrary, if the bears managed to retain their positions and successfully broke through the met support levels, the intraday pivot points: support levels of 1.2031 – 1.2004 – 1.1951 will be considered. It should be noted that the intraday support is also strengthening in the higher charts.
GBP / USD
Yesterday, the bulls tested January’s high (1.3758) but nothing more. As a result, the pair closed the trading day below the daily short-term trend (1.3683) after a long time, which was followed by the domination of the preconditions to develop a downward correction. Earlier, it was noted that the support levels for the daily Ichimoku cross (1.3632 – 1.3593 – 1.3554) act as downward pivots, since the main task of the bears is to eliminate the daily golden cross of Ichimoku.
The key levels in the smaller time frames continue to join their efforts around the level of 1.37, while almost remaining in a horizontal position. Such a scenario indicates that uncertainty persists. As a result, the pair moves either above or below the 1.37 mark (weekly long-term trend + central pivot level).
The formation of a directional movement will help to change the situation. Today, the supports of the classic pivot levels are 1.3622 – 1.3588 – 1.3520. If a consolidation occurs above the level of 1.37, the relevance will return to the resistances of the classic pivot levels currently located at 1.3724 – 1.3792 – 1.3826.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD
The pair declined again to the previous support levels of 1.2064-54 (weekly Fibo Kijun + maximum extremum), showing a slowdown in this area. If these support levels are broken, further decline will continue. Bears’ nearest pivot point will be 1.1975 (weekly medium-term trend), which strengthens the level of 1.1938 (lower limit of the daily Ichimoku cloud). Yesterday, the pair attempted to leave the levels of 1.2124 (daily short-term trend) and 1.2116 (upper limit of the cloud), but they retain their value today. Now, if the bulls show active strength, we will consider the resistance levels of 1.2170 and 1.2201.
On the H1 chart, the bears consolidated below the key levels of 1.2116 (weekly long-term trend) and 1.2084 (central pivot level) after declining to 1.2064-54 (support levels) in the bigger time frames. The reached supports can help the bulls to even out the opponent’s victory yesterday. As soon as it consolidates above 1.2084 – 1.2116, it will be possible to return to the historical level of 1.2170. In addition, the relevance will be given to the other levels in the higher time frames.
On the contrary, if the bears managed to retain their positions and successfully broke through the met support levels, the intraday pivot points: support levels of 1.2031 – 1.2004 – 1.1951 will be considered. It should be noted that the intraday support is also strengthening in the higher charts.
GBP / USD
Yesterday, the bulls tested January’s high (1.3758) but nothing more. As a result, the pair closed the trading day below the daily short-term trend (1.3683) after a long time, which was followed by the domination of the preconditions to develop a downward correction. Earlier, it was noted that the support levels for the daily Ichimoku cross (1.3632 – 1.3593 – 1.3554) act as downward pivots, since the main task of the bears is to eliminate the daily golden cross of Ichimoku.
The key levels in the smaller time frames continue to join their efforts around the level of 1.37, while almost remaining in a horizontal position. Such a scenario indicates that uncertainty persists. As a result, the pair moves either above or below the 1.37 mark (weekly long-term trend + central pivot level).
The formation of a directional movement will help to change the situation. Today, the supports of the classic pivot levels are 1.3622 – 1.3588 – 1.3520. If a consolidation occurs above the level of 1.37, the relevance will return to the resistances of the classic pivot levels currently located at 1.3724 – 1.3792 – 1.3826.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
The material has been provided by InstaForex Company – www.instaforex.com
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