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DAILY TECHNICAL ANALYSIS FOR FEBRUARY 10, 2022

EUR/USD

Current level – 1.1426

The currency pair is still in a consolidation phase, just above the support level at 1.1409. At the time of writing, neither the bulls nor the bears have managed to gain enough momentum to dominate the market. A possible attack on and a breach of the resistance at 1.1481 could paint a more bullish picture. On the other hand, a reduction in the price and a breach of the mentioned support could give the bears the necessary incentive needed to potentially lead the trade towards the next significant support level at 1.1321. During today’s trading session, the most important economic news that would be of interest to the market participants will be the consumer price index data and the initial jobless claims data reports for the U.S. at 13:30 GMT.

USD/JPY

Current level –  115.51

The dollar continues to gain ground against the Japanese yen during the last few days, and at the time of writing the analysis, the bulls are facing a test of the resistance zone at 115.66, which outlines the local highs for the currency pair. An unsuccessful test here could change the sentiment, and in the event of bear predominance, we could see a drop back towards the support area at 114.90.

GBP/USD

Current level – 1.3530

Despite the sell-off being capped at the support level at 1.3509, the bulls are still unable to gain enough momentum in order to breach the resistance area at 1.3607. We are seeing a consolidation just above the mentioned support zone, and in case of a possible bear predominance scenario and a successful breach, we could witness a deepening of the sell-off towards the next support level at 1.3370. Today, the data on the gross domestic product for the UK from 09:30 GMT could have an impact on the market, with increased volatility expected for the currency pair.

Gold price resumes the bullish bias 

Gold price resumes its positive trades to move away from 1825.15 level, reinforcing the expectations of continuing the bullish trend, and the way is open to achieve our next positive target at 1860.00.

The EMA50 continues to support the suggested bullish wave, waiting to get positive momentum that assist to push the price to achieve more gains in the upcoming sessions, reminding you that it is important to hold above 1825.15 to continue the expected rise.

The expected trading range for today is between 1820.00 support and 1850.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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