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Daily Technical analysis for February 8, 2021

EURUSD

The Euro is moving against the US dollar in a downward direction on the hourly interval. the euro is facing a strong resistance level, and we expect more decline during the coming hours.

Resistance levels: 1.2000 – 1.2100 – 1.2200

Support levels: 1.1900 – 1.1800 – 1.1700 

Trend: Bearish

GBPUSD

The GBPUSD pair is moving in a downward direction on the hourly interval. We are waiting for the pair to drop from these levels as it re-test the broken uptrend line.

Resistance: 1.3700 – 1.3800 – 1.3900

Support: 1.3450 – 1.3400 – 1.3300

Direction: Bearish

USDJPY

The USDJPY pair is moving in an upward direction on the hourly interval. The price is facing the resistance level 105.60, and it is likely that it will fall to 105.00.

Resistance 105.00 – 106.00 – 107.00

Support: 103.50 – 102.00 – 101.00

Trend: Bullish

Gold

Gold is moving in a volatile direction on the hourly interval. The price is touching the resistance level 1830, and it is likely to fall during the coming hours.

Resistance: 1860 – 1900 – 2000

Support: 1750 – 1700 – 1600

Trend: Bearish

Oil

Oil (Brent crude) is moving in a volatile direction on the hourly interval. The price is encountering resistance at $60 a barrel, and a corrective drop is likely.

Resistance: 60.00 – 61.00 – 62.00

Support: 56.00 – 57.00 – 58.00

Trend: Bullish

Source: Technical analysis

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