DAILY TECHNICAL ANALYSIS FOR FEBRUARY 23, 2022petar skakalov
Current level – 1.1331
The depreciation of the single European currency was limited to just above the support zone at 1.1322 and the expectations for today’s trading session are for the pair to consolidate in the range of 1.1322 – 1.1369. However, if the bears prevail in this situation and manage to violate the mentioned support, then it is possible to witness another wave of depreciation of the euro against the greenback, but this time – towards the next more significant support area at 1.1270. The first important resistance level for the bulls is located at 1.1370, where a breach may lead the pair towards a test of the psychological level at 1.1400. Today, increased activity can be expected around the release of the CPI data for the EU (10:00 GMT), as well as following any news concerning the situation in Ukraine.
Current level – 115.02
After the unsuccessful test of the resistance level at 115.70, the pair is now consolidating in the range of 114.90 – 115.26. A confirmed breach of the resistance at 115.26 would pave the way for the pair towards the next resistance at 115.70. On the other hand, if the bears regain control and manage to overcome the support zone at 114.90, then this would most probably result in an attack on the next support lying at 114.58.
Current level – 1.3593
After the unsuccessful attempt of the bears to violate the support at 1.3540, the sterling recovered some of its losses against the U.S. dollar, and at the time of writing this analysis, the pair is headed towards a test of the resistance at 1.3613. A successful breach of this level would most probably lead to a further appreciation of the sterling towards the psychological level at 1.3700. However, the mentioned resistance was an obstacle for the bulls many times during the last weeks and the expectations therefore are for this level to only be tested and for the pair to bounce back and make an impulsive downward movement towards the support zone at 1.3540.
Gold price needs positive motive
Gold price fluctuates around 1900.00 barrier, affected by stochastic negativity that hinders the mission of continuing the rise, noticing that the indicator gathers the positive momentum gradually, waiting to motivate the price to resume the positive trades to breach 1916.25 followed by opening the way to head towards our next main target that reaches 1895.00.
Therefore, the bullish trend scenario will remain valid and active for the upcoming period conditioned by the price stability above 1895.00.
The expected trading range for today is between 1890.00 support and 1915.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis