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DAILY TECHNICAL ANALYSIS FOR FEBRUARY 08, 2022

EUR/USD

Current level – 1.1427

The first trading day of the week passed calmly and the pair entered a corrective phase after reaching the resistance at 1.1480. The onset of the bears around this level seems hesitant and is currently limited by the local support at around 1.1410. Such a shallow pullback suggests that the bulls are still in position and that a new strong rally can be expected. If prices remain above 1.1410, then a breach of the resistance at 1.1480 can be expected, and a possible next target for the movement may be the zone of 1.1580 – 1.1600. In case the local support is breached, the next zone that would support the bulls is 1.1320, followed by the impulse’s starting point at 1.1266.

USD/JPY

Current level –  115.35

The dollar fell slightly against the yen on Monday, but in the early hours of today, all losses have been recovered. The bulls found support at around 114.90, and at the time of writing, prices are testing the resistance at 115.40. This zone is expected to be overtaken and the rally is to continue towards 115.66 and 116.00. On the higher time frames, the sentiment seems mixed and it is likely that, in the next few days, the pair will be trading in a range between 114.30 and 116.00. The first daily support remains at 114.90.

GBP/USD

Current level – 1.3522

The Cable ended the day without significant change and prices remained above the support at around 1.3510. This area remains the first daily support. The first resistance for the bulls is 1.3548, followed by 1.3607. Volatility is expected to shrink and the market is likely to consolidate between the 1.3510 support and the 1.3607 resistance. Expectations remain mixed and a breach of either zone would signal for the market’s future intentions.

Gold price reaches the target

Gold price resumes its positive trading to reach the waited target at 1825.15, getting continuous positive support by the EMA50, to support the chances of surpassing this level and open the way to achieve extended gains that reach 1860.00.

Therefore, we will continue to suggest the bullish trend for the upcoming period, taking into consideration that failing to breach 1825.15 will force the price to rebound bearishly and head to test 1797.00 areas again before any new attempt to rise.

The expected trading range for today is between 1810.00 support and 1835.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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