Technical analysis recommendations for EUR/USD and GBP/USD on February 3
Yesterday, the pair managed to close below the met support levels 1.2064-54 (weekly Fibo Kijun + maximum extremum), realizing a further decline. In the current situation, the levels 1.2064-54 continue to exert their influence and attraction. The next downside targets are 1.1975 (weekly medium-term trend) and 1.1938 (lower limit of the daily cloud).
The bearish traders managed to limit the corrective rally to the central Pivot level yesterday, which allowed them to maintain their advantages and continue to decline. At the moment, the advantages are still on the bearish side. They are supported by all the analyzed technical tools. Today, the pair once again performed a corrective rally to the central Pivot level, which is now located at 1.2047. If the bears manage to limit the next current correlation, then the next stage of decline can be expected. The downside targets within the day are the support of the classic Pivot levels 1.2007 – 1.1971 – 1.1931. If the upward correction continues, the main target for continuing the rise will be 1.2093 (a weekly long-term trend) after overcoming 1.2047.
Upon losing the support of the daily short-term trend, the pound remains in the zone of attraction of the Ichimoku daily cross (1.3683 – 1.3632 – 1.3601 – 1.3554). The liquidation of the golden cross is the main task of the players for a decline, only after that it will be possible to consider the following plans and prospects. All the bullish desires for an increase continue to rest on the January high of 1.3758.
The pound is not losing its connection with the key levels of the minor halves of 1.3661 (central pivot level) and 1.3690 (weekly long-term trend), continuing to work in the zone of their attraction and influence. The benchmarks for continuing the decline today are at 1.3613 – 1.3561 – 1.3513 (supports classic pivot levels). Overcoming the key resistances 1.3661-90 will bring back the relevance of the upward benchmarks in the form of resistances of the classic Pivot levels, which are located at 1.3713 – 1.3761 – 1.3813 today.
Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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