02.02.2023 01:20 PM
Technical analysis of EUR/USD and GBP/USD on February 2, 2023


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Larger timeframes

The euro bulls burst into action yesterday after expectations and mulling over the key resistance of 1.0930-43. The bulls climbed beyond the resistance successfully. Now their major task is to secure the effort. The higher targets during the bullish move are seen at 1.1274 – 1.1446 – 1.1495. They represent monthly Ichimoku levels. The levels of 1.0930-43 passed yesterday now serve as support. Besides, support levels are recognized at the daily Ichimoku cross levels such as 1.0917 – 1.0823 – 1.0758 – 1.0693. They are reinforced by a one-week short-term trend line of 1.0740.

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H4 – H1

On smaller timeframes, the bulls are holding the upper hand. They took a pause a few hours ago, holding the price flat. If the price extends its intraday climb, it will be able to test classic pivot levels which are seen today at 1.1043 – 1.1096 – 1.1192. Alternatively, a downward correction in this section could be efficient because key support levels are currently situated at a considerable distance from the price chart. The central pivot level of 1.0947 acts as the first support today. The most important level to watch today is 1.0886, which is a weekly long-term trendline.



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Larger timeframe

After another test of the one-month support at 1.2302 on the daily chart frame, GBP/USD is poised to rebound, but the pair remained in the consolidation. To go ahead with the bullish plan, GBP/USD should leave the consolidation zone and settle above the key resistance at 1.2440 which is the lower border of the weekly cloud. The center of gravity today is still represented by the intraday short-term trend line of 1.2354.

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H4 – H1

On smaller time frames, the currency pair is still oscillating around key levels, wavering slightly up and down. Today the key levels are clustered at about 1.2347 and 1.2361. These levels are the central pivot level and weekly long-term trend line. The currency pair is trading higher. So, the bulls are setting the tone. The upward targets are recognized at 1.2417 – 1.2462 – 1.2532 which are classic pivot levels. If the bears manage to take control over the key levels, the downward targets will be seen at 1.2302 – 1.2232 – 1.2187 which are classic pivot levels.


This technical analysis is based on the following ideas:

Larger timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Smaller timeframes - H1 – classic pivot points + 120-period Moving Average (weekly long-term trend line)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2023
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