Thu, Feb 25, 2021 @ 10:44 GMT
Home Contributors Technical Analysis Daily Technical Analysis

Daily Technical Analysis

EUR/USD

Current level – 1.2147

The pair managed to find the expected support at 1.2060 and, at the time of writing, the bulls are attempting to overtake the resistance zone at around 1.2140. The market could start entering into a light consolidation phase around the current levels. Alternatively, bulls can directly try to overtake the resistance at 1.2220. The trend coming from the higher time frames is still intact, so market sentiment is still in favor of the bulls as the pullback rolls over. If the rally renews, the potential target for the buyers could be the resistance at 1.2340. The daily support can be found again at around 1.2060. Today is the inauguration ceremony of president-elect Joe Biden and increased volatility can be expected in some markets.

Resistance Support
intraday intraweek intraday intraweek
1.2141 1.2270 1.2062 1.1950
1.2221 1.2309 1.2062 1.1915

USD/JPY

Current level – 103.74

The Greenback is showing signs of weakness in the beginning of today’s trading session. The resistance zone between 103.90 and 104.03 has managed to repel bullish impulses and the market looks primed to continue its downtrend. The key support here is 103.53 and, if this level is violated, a sharper sell-off, towards 103.00 and 102.70, could be expected. A bullish scenario for the pair would be possible if the market surpasses the resistance 104.28.

Resistance Support
intraday intraweek intraday intraweek
103.89 104.28 103.53 103.01
104.03 104.58 103.27 102.69

GBP/USD

Current level – 1.3651

The Cable is enjoying a good week so far and is trading above 1.3620 once again. Bulls seem confident and are headed towards the resistance at 1.3700. If a consolidation happens below 1.3700, it could be interpreted as a signal for an upcoming breach and a subsequent rally. The zone also attracts bearish interest, so the breach might fizzle out and trading could resume in the range between 1.3530 and 1.3700. Today, a series of inflationary data is expected from the UK (CPI data at 07:00 GMT and PPI data at 09:30 GMT) and so increased volatility can be expected around those hours.

Resistance Support
intraday intraweek intraday intraweek
1.3700 1.3860 1.3620 1.3440
1.3700 1.3980 1.3532 1.3315

DeltaStock Inc.http://www.deltastock.com/
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Delta Stock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Delta Stock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Delta Stock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.

Featured Analysis

Learn Forex Trading