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14.02.202009:20 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 14

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Economic calendar (Universal time)

A quite large number of statistics are expected during the day, but there are few important economic news among them. We can only note data on German GDP (7:00) and indicators on US retail sales (13:30). On the other hand, the closure of the current week is of particular importance today.

EUR / USD

Exchange Rates 14.02.2020 analysis

Slowing down did not happen, and the pair continues to decline. The levels of 1.0901 - 1.0879 completed during the day (100% daily target level + minimum extremum) act as the nearest resistance zone now. In addition, the next bearish prospect now is the target for the breakdown of the weekly cloud, whose targets are located at 1.0791 - 1.0595. The main task for the remaining half of the month for the players to decline can be described as a full-fledged restoration of the monthly downward trend and preservation of bearish sentiment for the result in February.

Exchange Rates 14.02.2020 analysis

The analyzed technical instruments of the lower halves fully support the players to decline, and the downward trend is the current one. The reference points for the intraday decline are the support of the classic Pivot levels S1 (1.0820) - S2 (1.0799) - S3 (1.0765). With the development of correction, the first important resistance expects a pair at the turn of the central Pivot level of the day (1.0854). At the same time, consolidation above the level will allow us to consider the possibilities for the development of correction. Further, interests will be targeted at conquering the weekly long-term trend, which is now located at the level of 1.0906, intermediate resistance 1.0875 (R1).

GBP / USD

Exchange Rates 14.02.2020 analysis

The rebound from the met support 1.2882 - 1.2920 (Fibo Kijun of the week and month) was formed, the pair adjusted to the daily cross of Ichimoku, which is now the center of gravity of the existing consolidation zone. Meanwhile, consolidation of the current result is likely to lead to the fact that the players to increase will attempt a new test of the upper boundaries of the consolidation zone next week and now, this is the area of 1.3140-70 (monthly Kijun + weekly Tenkan + daily cloud).

Exchange Rates 14.02.2020 analysis

Players to increase managed to capture the key levels of the lower halves and position weekly long-term trends. The result was new heights and the implementation of a full upward correction on the daily time. Now, the upward resistance lines within the day are the resistance of the classic Pivot levels 1.3091 (R1) - 1.3143 (R2) - 1.3217 (R3). On the other hand, important support for the decline today can be noted at the levels of 1.3017 (central Pivot level) and 1.2953 (weekly long-term trend).

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

Evangelos Poulakis
Analytical expert of InstaForex
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