21.02.201803:24 Forex Analysis & Reviews: Daily analysis of major pairs for February 21, 2018

EUR/USD: A bearish signal has been generated on the EUR/USD, which has been going downwards since last Friday. Price tested the resistance line at 1.2550 and went downwards by more than 210 pips, now below the resistance lines at 1.2350. The next targets are the support levels at 1.2300 and 1.2250.

USD/CHF: A bullish signal has been generated on the USD/CHF, which has been upwards since last Friday. Price tested the support level at 0.9200 and went upwards by more than 160 pips, now above the support level at 0.0350. The next targets are the resistance levels at 0.9400 and 0.9450, which would be reached within the next 48 hours.

GBP/USD: This pair has not done anything significant this week. The market is neutral in the short-term and bullish in the long-term. However, a movement below the accumulation territory at 1.3850 would result in a bearish outlook; while an upward movement from here would save the recent bullish bias.

USD/JPY: This USD/JPY has been going upwards in the context of a downtrend. About 200 pips have been gained since last Friday – and the bias could turn bullish when the supply level at 108.00 is breached to the upside. There also demand levels at 106.50 and 106.00.

EUR/JPY: This cross has been moving sideways in the short-term. In the long-term, the bias is bearish because there is a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50 (although threatening to go above it). When a breakout occurs, it would be in the direction of the bears.