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Daily Technical analysis for February 1, 2021

EURUSD

The Euro is moving against the US dollar in a volatile direction on the hourly interval. The pair is moving in a rectangular pattern, and we are waiting to break it or break it to buy or sell.

Resistance levels: 1.2215 – 1.2300 – 1.2400

Support levels: 1.1200 – 1.1900 – 1.1800 

Trend: Volatile

GBPUSD

The GBPUSD pair is moving in an upward direction on the hourly interval. The pair is targeting the 1.3800 price level, provided it stabilizes above the resistance level 1.3750.

Resistance: 1.3700 – 1.3800 – 1.3900

Support: 1.3450 – 1.3400 – 1.3300

Direction: Bullish

USDJPY

The USDJPY pair is moving in an upward direction on the hourly interval. We expect more bullishness to the level of 105.00.

Resistance 105.00 – 106.00 – 107.00

Support: 103.50 – 102.00 – 101.00

Trend: Bullish

Gold

Gold is moving in a volatile direction on the hourly interval. The price is below the upper boundary of the rectangle pattern, and we are waiting for it to break above to buy.

Resistance: 1860-1900- 2000

Support: 1800- 1750- 1700

Trend: Volatile

Oil

Oil (Brent crude) is moving in a volatile direction on the hourly interval. The price is moving in a rectangular pattern, we are waiting for the upper bound to be broken to buy or break the lower to sell.

Resistance: 57.50 – 58.00 – 59.00

Support: 53.00 – 52.00 – 51.00

Trend: Volatile

Source: Technical analysis

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