28.02.202010:22 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 28

Economic calendar (Universal time)

There are quite a lot of statistics published on the last business day of the month, but important indicators are not expected today. Nevertheless, the first half of the day, filled with statistics from the eurozone, including data on the number of unemployed in Germany (11:55), can determine the mood and trends of the whole day.

EUR / USD

The players to increase are doing everything possible to prevent the opponent from restoring a downward trend in the near future. In turn, the bulls offer the bears in February to limit themselves to developing the first target target for the breakdown of the weekly cloud (1.0791). Now, the closure of February at current positions will allow players to raise the plan for March to eliminate the Ichimoku bear crosses in the daily and weekly halves, as well as compete for a monthly short-term trend. The current resistance today is 1.1010 (weekly cross Tenkan + Kijun), then 1.1063 (weekly Fibo Kijun) and 1.1095 (monthly Tenkan) can come into operation. The support and attraction today can be provided by the levels passed the day before 1.0992-81 - 1.0955 - 1.0937 - 1.0893-79.

At the moment, all the benefits in the lower halves belong to the players on the increase. If the rise continues, the resistance within the day can be 1.1044 (R1) - 1,1089 (R2) - 1.1171 (R3). The nearest important support at H1 is located today at 1.0962 (central Pivot level). At the same time, consolidation below will allow us to consider the weekly long-term trend, which is now located at the level of 1.0882, as the next key reference point, while S1 (1.0917) may provide intermediate support.

GBP / USD

The bears do not leave efforts to overcome the key supports 1.2882 - 1.2920 (the lower boundaries of the consolidation zone + Fibo Kijun of the week and month), the strength and attraction of which still restrain the development of the situation. A more detailed and current assessment of the situation is best given on Monday based on the results of the closure of the current week and month.

Players to decline continue to work below the key levels of the lower halves, with the active support of the analyzed technical indicators. Using the current advantage, they seek to update current lows and continue to decline. The downward trends within the day are the support of the classic Pivot levels 1.2845 (S1) - 1.2809 (S2) - 1.2758 (S3). On the other hand, changes in the existing balance of forces can be outlined when consolidating on H1 above the key levels - 1.2896 (central Pivot level) and 1.2933 (weekly long-term trend).

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