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27Feb

DAILY TECHNICAL ANALYSIS FOR FEBRUARY 27, 2023

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EUR/USD

Current level – 1.0557

Friday’s trading session started on a calm note for the currency pair EUR/USD trading near the support level at 1.0578, but the bears gained the upper hand and managed to break through the support level and consolidate their strength as the bulls failed to move the course back above the new resistance level at 1.0578. If the bears continue their push, they could take the course to the next support at 1.0503, but if the bulls manage to take matters into their own hands, we could see a break of the newly formed resistance at 1.0578. There are no major events in the economic calendar for today, besides the EU data expected at 10:00 GMT.

USD/JPY

Current level –  136.39

The end of last week was quite successful for the Ninja, as the currency pair managed to break through the resistance at 134.75 at the beginning of the trading session, where the bulls were just gaining momentum and managed without any problem to overcome the next resistance at 135.80 as well. There is a possibility for us to witness a test of the newly created support at 135.80 where we should see if the bulls continue to look for their resistance at higher levels, or if the bears manage to bring the pair back to the support at 134.75.

GBP/USD

Current level – 1.1953

The Cable recorded a not-so-good end to the week as the bears prevailed and managed to break through the 1.997 support where the bulls were able to fend off the bear attack near the 1.1902 support level. If the bulls manage to gain an upper hand this week, they could break the newly created resistance at 1.1997, but if the bears continue with the momentum they have gained, we could see a break of the support at 1.1902.

Midday update for Gold 

The tight range dominates Gold price trades since morning, thus, no change to the expected bearish trend scenario for today, which moves organized inside the bearish channel that appears on the chart, waiting to visit 1788.20 as a next main target, reminding you that the continuation of the bearish wave depends on the price stability below 1828.70.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Bearish

Source:Technical analysis

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