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FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on February 21

Technical analysis recommendations for EUR/USD and GBP/USD on February 21

Economic calendar (Universal time)

Today, the main attention belongs to statistics from the UK (9:30 data on business activity in manufacturing and services) and the Eurozone (8:30 index of business activity in the manufacturing sector of Germany + 10:00 consumer price index). In addition, the impact on sales in the secondary housing market (18:00) may have an impact among economic news from across the ocean.

EUR / USD

Technical analysis recommendations for EUR/USD and GBP/USD on February 21

No significant changes have occurred over the past 24 hours. The players on the downside are stopped by the first target of the weekly target for the breakdown of the Ichimoku cloud (1.0791). The last few days the pair is in the zone of influence and attraction of this level. The support is weekly. Therefore, it will be possible to talk about its reliable overcoming only when making a breakdown and confirming it on a weekly timeframe. Now, in the case of the development of a correctional upward, the nearest resistance and an upward reference at higher time intervals is the daily short-term trend, which is located today at 1.0852.

Technical analysis recommendations for EUR/USD and GBP/USD on February 21

Despite yesterday's low update, the downward trend is now lacking in activity and effectiveness. The support for the classic Pivot levels within the day today are located at 1.0768 (S1) - 1.0751 (S2) - 1.0725 (S3). Currently, the pair is in the zone of incipient correction and seeks to take hold of the central Pivot level (1.0794). The next reference for players to increase is the weekly long-term trend (1.0815). At the same time, consolidation above and reversing the moving will contribute to the implementation of a full correction to the daily Tenkan (1.0852), based on the results of the meeting with which it will be possible to judge future plans and the balance of forces.

GBP / USD

Technical analysis recommendations for EUR/USD and GBP/USD on February 21

During the next testing of important supports 1.2882 - 1.2920 (Fibo Kijun of the week and month are the lower boundaries of the consolidation zone) slow down was observed again. Today, the result of a weekly close is important. If the promotion players are able to remain in the consolidation zone, then we will most likely be waiting for a return to the consolidation center next week and new attempts of the promotion players to change the situation in their favor in order to get out of the confrontation with the winners. If the pair manages to close the week below important support levels, then new downward prospects will appear, in which case it will be best to further assess the situation on Monday.

Technical analysis recommendations for EUR/USD and GBP/USD on February 21

The development of the upward correction has led to the fact that the balance of strength has changed in the lower halves. Players for an increase are currently trying to gain a foothold above the central Pivot level of the day (1.2875), while they took control of most of the analyzed technical indicators. If the bulls manage to maintain the situation, then their next goal will be the weekly long-term trend, now located at 1.2974. On the other hand, intermediate resistance in this direction today can be noted at 1.2922 (R1). Failure and the return of the bearish trend will return relevance to the support of the classic Pivot levels (1.2842 - 1.2805 - 1.2762).

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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