Technical Analysis

Daily Technical analysis for February 21, 2020

Daily Technical analysis for February 21

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 1.0800.

Resistance levels: 1.0900 - 1.0990 - 1.1020

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. It is likely that the pair will rise to the level of 1.3100 as it bounces from the lower bound of the descending classic channel. 

Resistance 1.3000 -1.3200 - 1.3350

Support: 1.2270 - 1.2250 - 1.2200

Direction: Bearish

 

USDJPY

The USDJPY pair is moving in an upside direction on the hourly interval. The price is currently facing a resistance at 112.00 and it is likely that it will drop until level 111.00 and then continue to rise.

Resistance 112.00 - 112.50 - 113.00

Support: 110.00 - 109.50 - 108.40

Trend: Bullish

 

Gold

Gold is moving in a bullish direction on the one-hour timeframe, as shown in the following image. It broke through the resistance level 1611, so the price now targets 1650.

Resistance: 1650 - 1700 - 1750

Support 1600 - 1550 - 1500

Trend: Bullish

 

Oil

Oil is moving in an upside direction over the hourly interval after reaching its target that we pointed out yesterday. It is possible that it will fall to 52.00 price level before continuing to rise again.

Resistance 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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