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27.02.202010:34 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 27

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Economic calendar (Universal time)

Among the statistics of today can be noted:

13:30 basic orders for durable goods and data on GDP (USA);

15:00 index of incomplete sales in the real estate market (USA).

EUR / USD

Exchange Rates 27.02.2020 analysis

During the previous day, the pair spent the fight for 1.0879. Today, the players on the upgrade updated yesterday's maximum. Nevertheless, expectations and main tasks remain the same. For players to increase it is important to maintain what is achieved, trying to maximize their positions before closing the week and month. Such a result will indicate good potential for them. It is extremely unprofitable for an opponent to throw only a long lower shadow of a monthly candle in the direction of restoring a downward trend. Today, resistances can be noted at 1.0904 (daily Fibo Kijun) and 1.0943-55 (daily Kijun + weekly Fibo Kijun) while support may be 1.0879 (historical level) and 1.0846 (daily Tenkan).

Exchange Rates 27.02.2020 analysis

Yesterday, the support of the central Pivot level of the day helped players to increase to complete the decline and restore the upward trend of the lower halves. At the moment, there is a bullish advantage, the first resistance of the classic Pivot levels of the current day (1.0908) is being tested, then the resistances are located at 1.0935 (R2) and 1.0962 (R3). Meanwhile, the key support for the lower time intervals today is at 1.0881 (central Pivot-level of the day) and 1.0844 (weekly long-term trend).

GBP / USD

Exchange Rates 27.02.2020 analysis

The uncertainty of the current consolidation remains. The players on the downside returned the pair again to the key supports of this section - 1.2882 - 1.2920 (the lower boundaries of the consolidation zone + Fibo Kijun of the week and month). The most important thing is the result of closing the week and month.

Exchange Rates 27.02.2020 analysis

The key lower levels joined forces at 1.2932 (central Pivot level + weekly long-term trend) today. Developing below these levels will help players to decline. The classic Pivot levels, the support of which is located today at 1.2857 (S1) - 1.2818 (S2) - 1.2743 (S3), act as bearish signs within the day. Now, consolidation above key levels will swing the scales on H1 in favor of players to increase. At the same time, resistance in the case of a rise in the current situation can be noted at 1.2971 (R1) - 1.3046 (R2) - 1.3085 (R3).

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

Evangelos Poulakis
Analytical expert of InstaForex
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