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21Feb

DAILY TECHNICAL ANALYSIS FOR FEBRUARY 21, 2022

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EUR/USD

Current level – 1.1335

The test of the support zone at 1.1330 was not successful, and during the early hours of today`s trading, the pair is trading above the mentioned level. If the bulls prevail, then the expectations will be for an attempt to breach the resistance zone at 1.1369. If the bulls are successful and manage to breach the next target at 1.1401 as well, then we will most likely witness a rally towards the level at 1.1481. If, however, the bearish attack continues and they manage to violate the support of 1.1330, then the sell-off could easily deepen towards the important support at 1.1268. The situation in Ukraine will most likely be the main factor driving the markets during this week.

USD/JPY

Current level –  115.00

On Friday, the bulls did not gain enough momentum and the recovery was limited to the zone at 115.26. The dollar erased some of its recent gains against the yen, and at the time of writing, the pair is consolidating around the support zone at 114.97. If the bears breach the mentioned level, then a continuation of the sell-off would be the most probable scenario. Violation of the target at 114.74 should strengthen the negative expectations for the future path of the Ninja and will most likely lead to a test of the support at 114.25. The first target for the bulls is still the level of 115.26, followed by the upper resistance at 115.69.

GBP/USD

Current level – 1.3612

The positive sentiment remained unchanged, and during the early hours of today`s trading, the Cable is re-testing the resistance zone at 1.3613. A successful violation of the aforementioned zone could easily lead to new gains for the pound against the dollar and could help for a rally towards the upper target at 1.3650. The first support can be found at the level of 1.3509, followed by the lower zone at 1.3434.

Gold price achieves more gains

Gold price begins today with new rise to approach our waited target at 1916.25, getting continuous positive support by the EMA50, to reinforce the chances of achieving more gains that extend to 1960.00 after surpassing the previous level.

Therefore, we will continue to sugges the bullish trend on the intraday and short term basis conditioned by the price stability above 1860.00.

The expected trading range for today is between 1880.00 support and 1915.00 resistance.

The expected trend for today: Bullish

Source:Technical analysis

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