20.02.202010:04 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 20

Economic calendar (Universal time)

Among the various statistics of today's economic calendar, the most important indicators can be distinguished:

9:30 UK retail sales;

12:30 publication of the ECB protocol on monetary policy;

13:30 index of industrial activity (USA);

16:00 crude oil reserves (USA).

EUR / USD

The weekly target on the first target (1,0791) was worked out and a slight inhibition took place. So, what's next? Either the players on the upside will be able to realize a corrective rise in a given place, or the opponent will achieve overcoming support and continuing the decline. The next bearish reference point at the upper time intervals is 1.0595 (100% performance of the weekly target for the breakdown of the Ichimoku cloud). In the case of a correction, the nearest resistances are now joining their efforts in the region of 1.0870-79 (daily short-term trend + historical level).

The main advantages while retaining the players on the decline. Updating yesterday's low (1.0782) will allow them to continue the downward trend, while the classic Pivot levels S2 (1.0769) and S3 (1.0757) will support the day. At the same time, opportunities for the development of an upward correction will reappear when consolidating above the central Pivot level (1.0799). The next upward reference point in the lower halves, which will allow us to count on the implementation of a full-fledged correctional upward turn to the daily short-term trend (1.0870), is the weekly long-term trend (1.0826).

GBP / USD

The players to decline returned to the key support zone 1.2882 - 1.2920 (Fibo Kijun of the week and month), limiting the scope of consolidation. The breakdown and consolidation below will allow you to take a closer look at new bearish benchmarks and build new plans. On the other hand, the formation of rebound is another return to consolidation. Its center of attraction can be identified as the daily medium-term trend (1.3039).

At the moment, a downward trend is developing on H1. Support within the day can be identified on S1 (1.2876) - S2 (1.2834) - S3 (1.2761). Meanwhile, key resistance of the lower timeframes today are located at 1.2949 (central Pivot level) and 1.3004 (weekly long-term trend). The rise to these levels and consolidation above will change the current balance of forces of the lower time intervals. In addition, the formation of the next rebound from the met and tested lower boundaries of the consolidation zone of the higher halves will be indicated.

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