DAILY TECHNICAL ANALYSIS FOR FEBRUARY 14, 2022
EUR/USD
Current level – 1.1344
At the end of last week, the euro was sold off and the pair broke the support at 1.1400. The corrective phase has deepened and is currently limited by support 1.1330. The market is expected to remain undecided and a break of the main resistance at 1.1480 seems unlikely. The risk of conflict in Ukraine may plunge prices to the support at 1.1260, but it is possible the market will wait for the situation to develop. A return above 1.1400 would encourage the bulls for a new test at 1.1480. The first local resistance is the area around 1.1370. Today, an increase in activity can be expected around the speech of ECB’s Christine Lagarde at 16:15 GMT.
USD/JPY
Current level – 115.42
As the crisis in Ukraine grows, so does the demand for heaven assets. The pair sold out on the last day of last week and the bears tested the support at 115.00. Double tops at 116.30 limit the potential for growth and a convincing breakthrough will be needed to continue the uptrend towards 118.60. The bears are hesitant in today’s early hours and the pair formed the first daily resistance at 115.57. A break of 115.00 would strengthen the bearish sentiment in the market and this could pave the way towards the support at 113.84.
GBP/USD
Current level – 1.3538
The cable is currently above 1.3520, but the Bulls seem to be losing patience after several failures to break the resistance at 1.3616. Sentiments at the beginning of the week are neutral as a break of 1.3520 would lead to sell-offs towards 1.3430. The main support from the higher time frames is 1.3370 and in the coming days the market may remain volatile, but without a clear direction. To continue the momentum to 1.3750, the bulls will first have to overtake the zone around 1.3616.
Gold price touches the positive target
Gold price managed to touch the positive target mentioned in our last technical update at 1860.00 and found solid resistance there, to stuck between this barrier and the support line formed at 1845.00, which makes us prefer to stay neutral until the price confirms surpassing one of these levels followed by detecting its next destination clearly.
The contradiction between the technical indicators provide another reason for neutrality, noting that breaching the mentioned resistance will lead the price to achieve additional gains that reach 1900.00 barrier as a next station, while breaking the support will press on the pirce to test 1825.15 level initially.
The expected trading range for today is between 1830.00 support and 1875.00 resistance.
The expected trend for today: Neutral
Source:Technical analysis
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