03.02.2023 10:44 AM
EUR/USD and GBP/USD technical analysis on February 3, 2023


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Higher time frames

Yesterday's bullish run was stopped by counter activity from the sellers. As a result, the pair returned below the key levels of 1.0930-43 and prepared for a rebound. It is interesting to see how the pair will close the week. The main resistance area is now found at 1.0917 – 1.0930 – 1.0943 (daily short-term trend + upper boundary of the weekly Ichimoku Cloud + monthly medium-term trend). Regarding support, these levels are located at 1.0823 – 1.0758 – 1.0740 (daily cross + weekly short-term trend).

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H4 – H1

Yesterday, the pair made a deep drop to the key support level of the weekly long-term trend at 1.0894. In the last few hours, the pair has been trading near this level, displaying uncertainty. A deeper decline in the pair will intensify the bearish bias. On the intraday chart, the standard pivot levels of 1.0852 – 1.0796 – 1.0705 will act as support. If bulls maintain control over the weekly long-term trend, their next targets will be the level of 1.0943 (central pivot level) – 1.0999 (R1) – 1.1033 (the highest extremum point). This may be a difficult task to fulfill as this area is fortified by the levels on higher time frames (1.0930-43).



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Higher time frames

Yesterday, bears were in full control of the market. They made an attempt to leave the consolidation zone and move below the monthly support of 1.2302. A confirmed and extended downward movement will bring the price to the support levels of 1.2215 – 1.2144 – 1.2072 (daily and weekly Ichimoku levels).

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H4 – H1

On lower time frames, the sellers are actively developing a downtrend. They have reached the final target to break through the H4 cloud at 1.2169. Other intraday targets are found at 1.2160 – 1.2099 – 1.1980 (support of standard pivot levels). The key levels that act as resistance on lower time frames are located at 1.2279 (central pivot level) and 1.2332 (weekly long-term trend). Consolidation above this price range will change the market balance.


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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