07.02.2023 10:57 AM
EUR/USD and GBP/USD technical analysis on February 7, 2023


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Higher time frames

In the new weekly session, the pair continued its trajectory from the previous week. As a result, bears closed the day below the key support level of 1.0758 formed by the weekly short-term trend and the daily short-term trend. Then the price fell to the final support level of the Ichimoku Cross at 1.0693. The main goal for bear today is to cancel the daily cross and to settle firmly at the reached levels. The next downward targets are seen at the upper boundary of the daily Ichimoku Cloud and the monthly level of 1.0611.

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H4 – H1

On lower time frames, bears are in control of the market. Their intraday targets are located at 1.0690 – 1.0654 – 1.0600 (standard pivot levels) and 1.0699 – 1.0662 (breakout target of the Ichimoku Cloud on H4). The key resistance levels today are found at 1.0744 (central pivot level of the day) and 1.0861 (weekly long-term trend). The pair will have interim resistance at the levels of 1.0780 – 1.0834 (standard pivot levels).



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Higher time frames

The pair has retested the low from the previous week and headed for new targets. If bulls manage to regain ground and retest those levels, the new resistance will be found in the area formed by 1.2072 - 1.2144 – 1.2215 (daily pivot levels + weekly short-term trend). The downward targets for today are located at the lower boundary of the daily Ichimoku Cloud intensified by the monthly support level of 1.1842.

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H4 – H1

The sellers have again retested the low and remained in control of the pair. The price has tested the key psychological level of 1.2000. Its breakout will open the way for new targets. On the intraday chart, we have the following support levels: 1.1960 – 1.1916. The key levels of lower time frames are found at 1.2032 (central pivot level) and 1.2209 (weekly long-term trend).


Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2023
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