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08.02.2021 10:19 AM
Technical analysis recommendations for EUR/USD and GBP/USD on February 8

EUR/USD

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At the end of last week, the pair rebounded from the supports they met in the area of 1.1956-75 (lower limit of the daily cloud + weekly medium-term trend), while returning to the area of 1.206 (weekly Fibo Kijun + daily Tenkan). As a result of a rather deep rise in the near future, the following options for the development of the situation are possible. The first option is consolidation, the center of attraction of which will remain the zone of 1.206. The second one is overcoming the encountered resistances 1.206 and the continuation of the recovery, the closest targets will be the district 1.2150-70 (weekly Tenkan + historical level of the upper border of the daily cloud + daily chart), in addition, for the further strengthening of players to increase, the elimination of the daytime dead cross (1.2197) will be of importance. Bearish plans and prospects will return to work only after a reliable consolidation under the support of 1.1956-75.

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In the lower halves, we are currently working on changing priorities. The bulls overcame the key levels, turning them into supports at 1,2017-27 (central Pivot level + weekly long-term trend). The main tasks of the players for the increase are now the reversal of the moving average, the continuation of the rise, and overcoming the resistance of the senior halves (in the area of 1,206). The resistances of the classic Pivot levels today are located at 1.2081 – 1.2115 – 1.2179. Failure and return under the support of 1.2017-27 will contribute to uncertainty and consolidation. The development of bearish sentiment is possible after overcoming the supports of 1.1983 (S1) and 1.1952 (minimum extreme of the current movement).

GBP/USD

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Last week, the confrontation between the parties without identifying a clear leader was again relevant. The main support was provided by the daily golden cross, with the maximum extremum (1.3758) serving as resistance and restriction. At the moment, the situation persists. If the resistance of 1.3758 is overcome and the upward trend is restored, the next upward reference will be the first target level of the weekly target for the breakout of the cloud (1.3904). If the bears again seek to change the situation in their favor, then the elimination of the daily golden cross of Ichimoku still serves as the most important stage for them to create new prospects. The supports of the cross today are located at 1.3661 – 1.3640 – 1.3604 – 1.3568.

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On the lower time frames, the advantage currently belongs to the players on the increase. The resistances of the classic Pivot levels 1.3759 – 1.3788 – 1.3836 serve as benchmarks for the continuation of the rise. The key supports for H1 today are located around 1.3711 (central Pivot level) and 1.3671 (weekly long-term trend). Anchoring below will change the balance of power.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classic), Moving Average (120)

Evangelos Poulakis,
Especialista em análise na InstaForex
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