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23Feb

DAILY TECHNICAL ANALYSIS FOR FEBRUARY 23, 2023

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EUR/USD

Current level – 1.0657

The past session was calm for the currency pair and although the bears dominate for the moment, nothing happened to confirm their dominance in the market. The support at 1.0578 has not yet been reached, opening an opportunity for the bulls to come back and test the resistances at 1.0665 and 1.0766. If the Eurozone CPI data due today at 10:00 GMT and the US Gross Domestic Product at 13:30 GMT do not provide an impetus to the market, the range between the 1.0578 and 1.0766 levels is very likely to continue.

USD/JPY

Current level – 134.69

For the moment, it seems that the bulls are dominating the market because the price of the currency pair has stabilised above the support level at 134.73, but if they do not target the next resistances at 135.05 and 135.75, it is very likely that we will see a correction and a bearish return to the support at 134.03.

GBP/USD

Current level – 1.2130

The British pound could not resist the strong dollar and the currency pair broke the support at 2.088. Although the bears have settled permanently below this level for the moment, it cannot be said that their position in the market is secure until they break through the next support at 1.1997.

Midday update for Gold

Gold price continues to fluctuate around 1828.70 level and presses negatively on it, and our neutrality still valid until the price manages to break the mentioned support or breach 1844.30 resistance to detect the next destination clearly, and contradiction between the technical indicators provides another reason for neutrality.

To review the expected targets after breaching the mentioned levels, please check our morning report.

Source: Technical analysis

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