17.02.202110:30 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on February 17

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EUR/USD

The pair tested the resistance previously indicated at 1.2150-70 (weekly short-term trend + historical level). Upon reaching the upper limit of 1.2170, a reasonably bright and well-defined daily rebound was formed. The Ichimoku Day Cross supports are currently on the way to developing the rebound (1,2081 – 1,2061-56), strengthened by the weekly level (1.2064)

The bears took advantage of the situation upon reaching the important resistance of 1.2170. As a result, a relatively active and effective decline took place using the strength of the historical level. The key levels of H1 are left behind which now act as the nearest significant resistances of the lower timeframes and are located at 1.2122-24 (the central Pivot level + the weekly long-term trend). The bears have gained an advantage as the pair continues to decline. The downside targets within the day are the support of the classic pivot points 1,2076 – 1,2048 – 1,2002.

GBP/USD

The second day of interaction with the first weekly target (1.3904) also did not bring the players to gain a positive result. The resistance was not overcome, due to this, the last day was again closed below the level, and a daily candle of uncertainty was formed, increasing the chances of a downward correction. The nearest supports of the higher timeframes today are 1.3807 (daily short-term trend) and 1.3758 (historical level)

A downward correction is observed on the lower timeframes. The bears managed to capture the central pivot level (1.3906) and the support of technical indicators. If the current test of support for the weekly long-term trend (1.3863) ends with a breakout and a reversal of the moving average, the bulls will lose the last key level of the lower timeframes, which may result in further decline (S2 1.3823-S3 1.3777). The bullish sentiment in the weekly long-term trend opens opportunities for the bulls to end the correction and restore their positions.

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The technical analysis of the situation uses:

higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

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