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27.02.2024 03:12 PM
EUR/USD and GBP/USD: Technical analysis on February 27

EUR/USD

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Higher Timeframes

The situation has not undergone significant changes over the past day. The market remains under the accumulation of resistances at 1.0861 – 1.0876 (monthly short-term trend + weekly levels). The outcome of testing these levels may determine the further development of the situation. The nearest supports today remain the levels of the daily Ichimoku cross (1.0842 – 1.0815 – 1.0807 – 1.0787), reinforced by the weekly medium-term trend (1.0795).

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H4 – H1

On lower timeframes, buyers are currently attempting to regain positions. Returning to the first target orientation for breaking the H4 cloud (1.0879) will make it possible to hope for a complete realization of the target (1.0899). In addition to the H4 target, the upward benchmarks within the day are the resistances of classic pivot points, which are located today at 1.0870 – 1.0888 – 1.0917. However, if the key levels 1.0841 (central pivot point of the day) and 1.0829 (weekly long-term trend) are broken, attention will shift to the supports of classic pivot points (1.0823 – 1.0794 – 1.0776).

***

GBP/USD

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Higher Timeframes

In recent days, there has been uncertainty and a wait-and-see position in the market. The main task for buyers remains the same – to break through the Ichimoku cloud (1.2701) and consolidate in the bullish zone to consider new prospects. The accumulation of levels on higher timeframes around 1.2645-57 still exerts attraction and influence, serving as the nearest supports today.

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H4 – H1

The range of movement is minimal; the market is moving sideways. A change in sentiments and priorities will redirect attention within the day to new benchmarks. For buyers, these will be the resistances of classic pivot points, today located at 1.2701 – 1.2721 – 1.2744. For sellers, it will be important first to pass the weekly long-term trend (1.2657), and then the supports of classic pivot points will become benchmarks (1.2635 – 1.2615).

***

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

Lower timeframes - H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
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