DAILY TECHNICAL ANALYSIS FOR FEBRUARY 04, 2022
EUR/USD
Current level – 1.1463
Since the beginning of the week, we have witnessed the appreciation of the single European currency against the U.S. dollar, as at the time of writing the analysis, the currency pair is sitting just below the resistance level at 1.1480. The zone at 1.1362 was easily overcome, with the most likely scenario being for a test of the mentioned resistance zone at 1.1480. During today’s session, market participants will closely follow the announcement of the retail sales data for the eurozone (10:00 GMT), as well as the non-farm payroll change data for the U.S. (13:30 GMT), together with the unemployment rate change data, again for the U.S. (13:30 GMT).
USD/JPY
Current level – 114.90
The depreciation of the U.S. dollar against the Japanese yen was limited above the support level at 114.00 in yesterday’s trading session, and the subsequent appreciation slowed its pace around the resistance level at 115.00. Despite the current consolidation, the most likely scenario is for a test of the aforementioned resistance. A successful breach here could give the bulls the necessary incentive to continue their upward move towards the next significant resistance zone at 115.63.
GBP/USD
Current level – 1.3606
The British pound continued to appreciate against the U.S. dollar, and after a successful breach of the resistance zone at 1.3570, market participants are likely to be able to lead the trade up to the next significant resistance at 1.3650. Looking from the higher time frames, we can still see the lower highs and much deeper troughs, and so the overall sentiment at the moment remains negative. In the current situation, if the bears prevail and limit the appreciation below the resistance zone at 1.3650, then a further deepening of the depreciation towards the main support at 1.3370 is not excluded.
Gold price keeps its positive stability
Gold price settles around 1805.00 level, waiting to get positive motive that assist to push the price to resume the positive trading, which targets 1825.15 mainly, noting that breaching 1808.00 will ease the mission of achieving the mentioned target.
On the other hand, we should note that breaking 1797.00 and holding below it will stop the suggested positive scenario and press on the price to turn to decline.
The expected trading range for today is between 1790.00 support and 1825.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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