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FX.co ★ Fractal analysis of major currency pairs on February 16

Fractal analysis of major currency pairs on February 16

Outlook on February 16:

Analytical review of popular currency pairs on the hourly chart:

Fractal analysis of major currency pairs on February 16

The key levels for the EUR/USD pair are 1.2219, 1.2197, 1.2166, 1.2112, 1.2094, 1.2068 and 1.2053. The price has been moving in the upward trend since February 5. Thus, we expect it to break through the level of 1.2166. If so, the growth will continue to the level of 1.2197. The potential target to rise is seen at 1.2219. If the price reaches this level, it may consolidate. After that, a downward pullback will be likely.

A short-term decline, in turn, is expected in the range of 1.2112 - 1.2094. If the level of 1.2094 is broken, a deep correction will occur. The target is set at 1.2068, while the key upward support is in the range of 1.2068 - 1.2053.

The main trend is the upward trend from February 5.

Trading recommendations:

Buy: 1.2168 Take profit: 1.2195

Buy: 1.2198 Take profit: 1.2219

Sell: 1.2112 Take profit: 1.2095

Sell: 1.2092 Take profit: 1.2068

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Fractal analysis of major currency pairs on February 16

The key levels for the GBP/USD pair are 1.4037, 1.3998. 1.3971, 1.3909, 1.3880, 1.3837, 1.3801 and 1.3747. The price has been ascending since February 4. Now, a short-term growth and consolidation can be expected in the 1.3971 - 1.3998 range. The ultimate potential upward target is 1.4037. Once the price reaches this level, it may consolidate and as a result, pullback downwards.

Meanwhile, a short-term decline is expected in the range of 1.3909 - 1.3880. If the level of 1.3880 is broken, a deep correction will follow. In this case, the target will be set at 1.3837. The key support is in the range of 1.3837 - 1.3801. The price overcoming this level will lead to the formation of initial conditions for a downturn. In this case, the target is 1.3747.

The main trend is the upward trend from February 4.

Trading recommendations:

Buy: 1.3971 Take profit: 1.3997

Buy: 1.3999 Take profit: 1.4036

Sell: 1.3909 Take profit: 1.3880

Sell: 1.3878 Take profit: 1.3840

Fractal analysis of major currency pairs on February 16

The key levels for the USD/CHF pair are 0.8961, 0.8938, 0.8921, 0.8900, 0.8886, 0.8859, 0.8846 and 0.8827. The price continues to move in a downward trend since February 5. In this case, we expect the trend to resume if the price breaks through the range of 0.8900 - 0.8886. The next target is set at 0.8859 in the range 0.8859 - 0.8846. This will be followed by the final potential downward target seen at 0.8827. If the price reaches this level, it is likely to consolidate and pull back upwards.

Alternatively, a short-term growth is expected in the range of 0.8921 - 0.8938. Given that the last value breaks down, a deeper correction will occur. In such a case, the target is seen at 0.8960, which is also the key downward support level.

The main trend is the downward trend from February 5.

Trading recommendations:

Buy: 0.8921 Take profit: 0.8936

Buy: 0.8940 Take profit: 0.8960

Sell: 0.8885 Take profit: 0.8860

Sell: 0.8844 Take profit: 0.8828

Fractal analysis of major currency pairs on February 16

The key levels for the USD/JPY are 106.27, 106.03, 105.80, 105.67, 105.38, 105.20 and 105.11. The price has been moving in a bullish trend since February 10. Therefore, we expect short-term growth in the 105.67 - 105.80 range. If the level of 105.80 breaks down, the price will further move to 106.03. It may consolidate closer to this level. The final upward target is located at 106.27. After reaching it, a downward pullback can be anticipated.

The breakdown of 105.38 level may possibly lead to a correction. The target here is 105.20. The key support is in the range of 105.20 - 105.11.

The main trend is the upward trend from February 10.

Trading recommendations:

Buy: 105.67 Take profit: 105.80

Buy: 105.82 Take profit: 106.03

Sell: 105.38 Take profit: 105.20

Sell: Take profit:

Fractal analysis of major currency pairs on February 16

The key levels for the USD/CAD pair are 1.2739, 1.2683, 1.2650, 1.2589, 1.2539, 1.2510 and 1.2447. Following the downward trend that started from January 28, we expect the price to continue declining after the level of 1.2589 is broken down. In such a case, the target is set at 1.2539 and the price may consolidate in the 1.2539 - 1.2510 range. If the last value is broken, the price will resume its downward trend to the potential target of 1.2447. After reaching this level, an upward pullback is possible to occur.

The upward movement, on the contrary, is expected in the range of 1.2650 - 1.2683. Once the 1.2683 level breaks down, a deep correction will occur. The target here is 1.2739, which is also the key support level for the downside.

The main trend is the downward trend from January 28.

Trading recommendations:

Buy: 1.2650 Take profit: 1.2681

Buy: 1.2685 Take profit: 1.2737

Sell: 1.2589 Take profit: 1.2540

Sell: 1.2510 Take profit: 1.2448

Fractal analysis of major currency pairs on February 16

The key levels for the AUD/USD pair are 0.7882, 0.7865, 0.7841, 0.7824, 0.7784, 0.7751, 0.7729, 0.7702 and 0.7683. The price has been moving in an upward trend since February 2. This trend will continue if the price moves to the level of 0.7824 and consolidates in the range of 0.7824 - 0.7841. The breakdown of the last value will lead to a stronger upward trend, with the target set at 0.7882. The price may consolidate and pullback downwards near this level.

A short-term decline is possible in the range of 0.7751 - 0.7729. If the last value is broken, a deep correction will occur. The target is set at 0.7702. The key support level is in the range of 0.7702 - 0.7683.

The main trend is the upward trend from February 2.

Trading recommendations:

Buy: 0.7785 Take profit: 0.7824

Buy: 0.7841 Take profit: 0.7865

Sell: 0.7750 Take profit: 0.7730

Sell: 0.7727 Take profit: 0.7702

Fractal analysis of major currency pairs on February 16

The key levels for the EUR/JPY pair are 129.14, 128.64, 128.20, 127.82, 127.50 and 127.16. The price has been moving in an upward trend since February 4. Therefore, we expect it to extend after the level of 128.20 is broken. In this case, the target is 128.64. The price may consolidate within the vicinity of this level. The final upward target is set at 129.14. After reaching the level, the price may make a downward pullback.

A short-term decline is possible in the range of 127.82 - 127.50. If the level of 127.50 breaks down, a deep correction will follow. The target is located at 127.16, which is also a key support level.

The main trend is the upward trend from February 4.

Trading recommendations:

Buy: 128.20 Take profit: 128.64

Buy: 128.66 Take profit: 129.14

Sell: 127.80 Take profit: 127.52

Sell: 127.48 Take profit: 127.16

Fractal analysis of major currency pairs on February 16

The key levels for the GBP/JPY pair are 149.15, 148.15, 147.73, 147.19, 146.32, 145.66 and 144.87. The price has been moving in an upward trend since February 4. This trend will extend if the price breaks through the level of 147.19. If so, the target will be set at 147.73. Meanwhile, short-term growth and consolidation are considered in the 147.73 - 148.15 range. The final upward target is the level of 149.15. If this level is reached, the price may pull back downwards.

In turn, a short-term decline is expected in the range of 146.32 - 145.66. A breakout of the last value will result in a deep correction. The target is set at 144.87, which is also the key support.

The main trend is the upward trend from January 18, the local upward trend from February 4.

Trading recommendations:

Buy: 147.20 Take profit: 147.73

Buy: 148.16 Take profit: 149.15

Sell: 146.31 Take profit: 145.67

Sell: 145.64 Take profit: 144.88

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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