Technical Analysis

Daily Technical analysis for February 24, 2020

Daily Technical analysis for February 24

EURUSD

The EURUSD is moving in a bearish direction on the hourly interval, yet the pair is expected to rise this week until the price level of 1.0990.

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 bounced from the resistance level of 112.00 and is expected to continue falling until the price level of 110.30.

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. Gold is now facing a strong resistance at 1675, and it is likely that it will continue to correct downwardly until the 1611 price level, from which it is possible to buy.

Resistance: 1675 - 1700 - 1750

Support 1650 - 1600 - 1550

Trend: Bullish

 

Oil

Oil is moving in an upside direction over the hourly interval after reaching its target that we pointed out last week. Oil reached a target of 52.00 and it is likely to rise to 54.00.  

Resistance 54.75 - 62.50 - 65.00

Support: 51.45 - 50.00 – 45.00

Trend: Bullish



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