02.03.202113:35 Forex-elemzések és áttekintések: Technical analysis recommendations for EUR/USD and GBP/USD on March 2

EUR/USD

Bears, which continuously decline, managed to overcome the weekly Fibo Kijun (1.2064) and daily cloud support levels. We note two significant bearish pivot points in this direction – the weekly medium-term trend (1.1975) and the February low extreme (1.1952). Meanwhile, the other support levels set at 1.2048-64-98 were already broken. If they are tested again, they will act as resistance.

The favor in the smaller time frame is clearly on the side of bearish traders. In this case, the downward trend continues. Currently, the first support level of 1.2017 (S1) of the classic pivot levels is being broken, so S2 (1.1986) and S3 (1.1944) will serve as the next benchmarks for the decline. The key levels are also forming resistance in the same time frame today. In the event of an upward correction, the central pivot level will meet the pair at 1.2059, and the weekly long-term trend at 1.2127. The nearest resistance is located at 1.2090 (R1).

GBP/USD

Yesterday, the pair slowed down after reaching a fairly strengthened support zone 1.3904-1.3845-23, consisting of daily and weekly levels. But today, it continues to decline. If it manages to break through the zone and consolidates below it, new prospects for the downside will be considered. Alternatively, a consolidation, deceleration, subsequent recovery positions and a movement above this zone may serve as a basis for the completion or prolonged suspension of the current downward correction.

At the moment, a slight decline is seen at the first support (1.3884) of the classic pivot levels. It can be noted that the next support levels are set at 1.3846 and 1.3789. So now, the advantage is completely owned by the bears. However, the development of an upward correction and the breakdown of important boundaries – the central pivot level (1.3941) and the weekly long-term trend (1.4033), can change the current situation and balance of forces.

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Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames, as well as classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of the trading instruments.