For Traders

Analytical Reviews

Technical analysis

04.02.202113:21 Forex Analysis & Reviews: Technical analysis for EUR/USD and GBP/USD on February 4

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR / USD

The situation in EUR / USD is still the same. Bearish players did renew the low, but there was no active decline. As a result, price remains below 1.2054-64, with resistances at 1.2093, 1.2119 and 1.2136. If the decline resumes, the nearest support and pivot points are 1.1975-38 (weekly medium-term trend + lower border of the daily cloud).

In lower time frames, bearish traders are still at an advantage. In fact, at the time of writing, EUR / USD is testing 1.2009 (S1), while further targets are 1.1983 (S2) and 1.1963 (S3). But if the quote pulls back and consolidates above these levels, the trend in the euro may completely change. Nonetheless, key levels are 1.2029 (daily pivot) and 1.2077 (weekly long-term trend), while intermediate resistance can be noted at 1.2055 (R1).

GBP / USD

GBP / USD continues to decline. Because of this, there is a high chance that the golden cross will be broken, especially since its final levels are 1.3604 (Kijun) and 1.3568. To add to that, overcoming the daily supports will set off a downward correction towards 1.3446, which will accordingly strengthen the Ichimoku cloud.

Pound bears are at an advantage because GBP / USD continues to trade below 1.3647 (daily pivot) and 1.3679 (weekly long-term trend). These levels allowed the pair to test 1.3583 (classic pivot), as well as 1.3548 (S3).

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

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.