FX.co ★ Technical analysis recommendations for EUR/USD and GBP/USD on February 10

EUR/USD

The pair broke through the resistance level of 1.2064 (weekly Fibo Kijun + daily Tenkan) continued to move up. Now, the bulls approach the area of a fairly strengthened resistance zone (1.2150-97), which has combined daily, weekly and historical levels. It will be an achievement for them if they manage to consolidate and close the week above these lines, which can lead to new plans and prospects.

The full advantage of the bulls is maintained in the smaller time frames, since the upward trend persists. The resistance levels (1.2144 - 1.2170 - 1.2218) serve as intraday pivot points. It should be noted that in the higher time frames, the significance of these levels have increased (1.2150-70-97). In case a downward correction develops, its pivot points will be the key support levels in the H1 period: 1.2096 (weekly long-term trend) and 1.2037 (central pivot level of the day). Today, the nearest support level is located at 1.2070 (S1).

GBP/USD

The bulls continued to rise. At the moment, the target for the breakdown of the H4 cloud (1.3826) has been developed. Thus, further bullish prospects will include testing the first target for the breakdown of the weekly cloud (1.3904). If a downward correction occurs, the maximum extremum (1.3758), which was overcome the day before, can provide support. Still, the daily gold cross of the Ichimoku still acts as further support, the levels of which are located today at 1.3700 - 1.3642 - 1.3597.

It is clear that the favor is on the side of the bulls due to the continuing upward trend. Today, the resistances of the classic pivot levels, which can serve as upward benchmarks, are located at 1.3842 - 1.3871 - 1.3926. If a downward correction begins, the key support levels in the smaller time frames will form a fairly wide range for a decline of 1.37 81 (central pivot level) - 1.3712 (weekly long-term trend). Most likely, the nearest support level is 1.3758 (S1).

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