Technical Analysis

Daily Technical analysis for February 17, 2020

Daily Technical analysis for February 17

EURUSD

The EURUSD is moving in a bearish direction on the hourly interval. The pair has reached the lower bound of the descending classical channel and it is expected to rise to the resistance level of 1.0990, but on condition of stability above 1.0872.

Resistance levels: 1.0990 - 1.1086 - 1.1175

Support levels: 1.0800 - 1.0750 - 1.0700

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in a bearish direction on the one-hour timeframe, forming a classic descending channel, where the pair is expected to drop from the level of 1.3100. 

Resistance 1.3500 -1.3600 - 1.3650

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is still moving in a bullish direction on the hourly interval. If it remained above the support level of 109.65, it is likely to rise in the coming hours.

Resistance 110.00 - 110.50 - 111.00

Support: 108.40 - 107.50 - 107.00

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. Gold is targeting 1600 price level during the coming hours.

Resistance: 1600 - 1625 - 1650

Support 1550 - 1520 - 1500

Trend: Bullish

 

Oil

Oil is moving in an upside direction over the one-hour timeframe after breaching the classic descending channel. The price is expected to rise until the resistance level of 54.75 during the coming hours.

Resistance 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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