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

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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)

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