17.02.202010:36 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 17

Economic calendar (Universal time)

The economic calendars of the leading European currency units do not contain important indicators in reporting today.

EUR / USD

Last week, the players on the downside updated lows and developed a downward trend. A downward target at the moment is the downward target for the breakdown of the weekly cloud, the first target of which is now located at the level of 1.0791. On the other hand, the closest resistances today include the historic level 1.0879 that was reached the day before and the daily short-term trend of 1.0938.

On lower time frames, slowing down is observed. The attraction is now exerted by the central Pivot level (1.0840). Now, consolidating above this level will allow us to consider the possibilities for the development of an upward correction. The main reference point in this case will be the weekly long-term trend, currently located at 1.0882, while intermediate resistance can be noted at 1.0851 (R1) - 1.0873 (R2). In the case of the next minimum update and the resumption of decline in support of the classic Pivot levels are located at 1.0818 - 1.0807 - 1.0785 today.

GBP / USD

Last week, we observed how another attempt to leave the zone of existing consolidation failed. The pair returned to the center of consolidation and here, the attraction is now having a daily medium-term trend of 1.3039. As a result, either side currently needs to start all over again, confrontation and uncertainty remain. Meanwhile, for players to increase in this situation, it is important to consolidate above the nearest resistance 1.3039-78 (daily cross + weekly Tenkan), then the main attention and forces will be directed to overcoming zone 1.3141-67 (daily cloud + monthly Kijun). The nearest support for the players on the downside is now located at 1.2970-1.3000 (daily cross), while the key support that can affect future prospects is still in the area of 1.2920 - 1.2882 (Fibo Kijun of the week and month)

In the lower halves, the main advantages are retained by the players on the increase. In addition, updating last week's high (1.3069), now reinforced by the first resistance of the classic Pivot levels (1.3070), will allow us to consider the possibilities for continuing the rise. The reference points within the day will be the classic Pivot levels R2 (1.3097) and R3 (1.3132). The loss of the central Pivot level (1.3035) will open the way to 1.3008 (S1) and 1.2980 (weekly long-term trend). The consolidation below will raise the question of changing the current balance of forces and a return to bearish prospects.

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