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DAILY TECHNICAL ANALYSIS FOR FEBRUARY 24, 2023

EUR/USD

Current level – 1.0593

During yesterday’s trading session of the single European currency, the bears made an attempt to breach the support at 1.0580. Their breakout proved unsuccessful and, albeit hesitantly, the bulls managed to gain momentum. If bullish investors continue with the same success today, we could see EUR/USD reach the nearby resistance at 1.0665. Important macroeconomic news that will cause high volatility in the currency pair are the U.S. Core Consumer Expenditure Index at 13:30 GMT and the Mortgage Lending Index at 15:00 GMT.

USD/JPY

Current level –  134.75

In today’s trading session, the news of the increase in the consumer price index in Japan had a strong impact on the currency pair. The bears were able to take advantage of the increase in inflation in the country and made an attempt to breach the key support at 134.00. Their breakout failed and the bulls were able to take advantage of their hesitation and quickly recoup their losses. During the rest of the day, no important macroeconomic news from the country of the rising sun is expected to have a strong effect on the Ninja.

GBP/USD

Current level – 1.2010

Yesterday’s bearish momentum of the sterling took it to the support at 1.2000. The bears’ failure to breach through energised the bulls who were able to erase some of their losses. If bullish investors maintain the momentum, we could witness GBP/USD break through resistance at 1.2088.

Midday update for Gold 

Gold price keeps its stability below 1828.70, to keep the bearish trend scenario active for today, supported by the EMA50 that presses negatively on the price, waiting to visit 1788.20 as a next main target.

Stochastic begins to lose the positive momentum gradually to support the expectations to decline, reminding you that breaching 1828.70 will turn the intraday track to rise and lead the price to build new bullish wave.

The expected trading range for today is between 1805.00 support and 1840.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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