DAILY TECHNICAL ANALYSIS FOR FEBRUARY 09, 2022
EUR/USD
Current level – 1.1427
The corrective phase for the EUR/USD was limited to the support at 1.1409, and during the early hours of today`s trading, the pair is hovering just above the mentioned zone. The current expectations are for a new attack on the resistance at 1.1481. A successful breach here would easily continue the rally and could strengthen the positive expectations for the future path of the currency pair. If the bears manage to gain enough momentum and violate the support zone at 1.1409, then their next target can be found at the level of 1.1321.
USD/JPY
Current level – 115.41
The resistance zone at 115.66 withheld the bullish attack, and at the time of writing the analysis, the pair is consolidating around the support at 115.40. If the bears prevail and the aforementioned support is breached, then the sell-off will most likely deepen towards the level at 114.90.. If the bulls ramp up their pressure on the market and manage to violate the resistance at 115.66 could easily continue the rally and could lead to future gains for the dollar against the yen.
GBP/USD
Current level – 1.3560
After the decline was limited by the support zone at 1.3509, the British pound regained some of its positions against the dollar and the Cable tested the resistance zone at 1.3548. A confirmation of the breach will most likely lead to a move towards the upper target at 1.3670, where a violation could easily help secure a more sustained rally towards the resistance at 1.3686. The first significant support is the level of 1.3509, followed by the zone at 1.3437.
Gold price breaches the resistance
Gold price managed to breach 1825.15 and close the daily candlestick above it, which supports the continuation of the bullish trend on the intraday basis, paving the way to head towards 1860.00 as a next positive target.
The EMA50 continues to support the suggested bullish wave, noting that breaking 1825.15 and holding below it will put the price under negative pressure that targets testing 1797.00 areas again before any new attempt to rise.
The expected trading range for today is between 1815.00 support and 1845.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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