empty
07.02.2023 10:57 AM
EUR/USD and GBP/USD technical analysis on February 7, 2023

EUR/USD

This image is no longer relevant

Higher time frames

In the new weekly session, the pair continued its trajectory from the previous week. As a result, bears closed the day below the key support level of 1.0758 formed by the weekly short-term trend and the daily short-term trend. Then the price fell to the final support level of the Ichimoku Cross at 1.0693. The main goal for bear today is to cancel the daily cross and to settle firmly at the reached levels. The next downward targets are seen at the upper boundary of the daily Ichimoku Cloud and the monthly level of 1.0611.

This image is no longer relevant

H4 – H1

On lower time frames, bears are in control of the market. Their intraday targets are located at 1.0690 – 1.0654 – 1.0600 (standard pivot levels) and 1.0699 – 1.0662 (breakout target of the Ichimoku Cloud on H4). The key resistance levels today are found at 1.0744 (central pivot level of the day) and 1.0861 (weekly long-term trend). The pair will have interim resistance at the levels of 1.0780 – 1.0834 (standard pivot levels).

***

GBP/USD

This image is no longer relevant

Higher time frames

The pair has retested the low from the previous week and headed for new targets. If bulls manage to regain ground and retest those levels, the new resistance will be found in the area formed by 1.2072 - 1.2144 – 1.2215 (daily pivot levels + weekly short-term trend). The downward targets for today are located at the lower boundary of the daily Ichimoku Cloud intensified by the monthly support level of 1.1842.

This image is no longer relevant

H4 – H1

The sellers have again retested the low and remained in control of the pair. The price has tested the key psychological level of 1.2000. Its breakout will open the way for new targets. On the intraday chart, we have the following support levels: 1.1960 – 1.1916. The key levels of lower time frames are found at 1.2032 (central pivot level) and 1.2209 (weekly long-term trend).

***

Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

EUR/USD. Analysis and Forecast

At the start of the new week, the EUR/USD pair has gained upward momentum on the back of a weaker US dollar. From a technical standpoint, last week's break below

Irina Yanina 17:58 2025-05-19 UTC+2

Trading Signals for EUR/USD for May 19-21, 2025: sell below 1.1285 (200 EMA - GAP)

Our trading plan for the coming hours is to sell the euro below the top of the downtrend channel, with targets at 1.1189, and to cover the gap left last

Dimitrios Zappas 14:30 2025-05-19 UTC+2

Trading Signals for GOLD for May 19-21, 2025: sell below $3,247 (200 EMA - GAP)

Gold left another gap on May 8 around 3,325 and is likely to break above 3,250. The outlook could be bullish, and we could expect it to cover this

Dimitrios Zappas 14:29 2025-05-19 UTC+2

Forex forecast 19/05/2025: EUR/USD, GBP/USD, USD/JPY, USD/CAD, Gold, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:52 2025-05-19 UTC+2

EUR/USD. May 19th. The Euro Remains Under Pressure

On Friday, the EUR/USD pair continued its moderate decline. A close below the 127.2% Fibonacci level at 1.1181 was recorded, but bears failed to build on that success. The current

Samir Klishi 10:45 2025-05-19 UTC+2

Forecast for GBP/USD on May 19, 2025

On the hourly chart, the GBP/USD pair continued to move sideways on Friday, fluctuating between the levels of 1.3205 and 1.3344. Following a rejection from the resistance zone of 1.3344–1.3357

Samir Klishi 10:36 2025-05-19 UTC+2

Technical Analysis of Intraday Price Movement of Gold Commodity Instrument, Monday May 19, 2025.

On the 4-hour chart, the Stochastic Oscillator indicator appears to be crossing BUY, coupled with the price movement moving above the WMA (21) and the appearance of a Bullish

Arief Makmur 07:58 2025-05-19 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Monday May 19, 2025.

Although Sellers still dominate EUR/JPY on its 4-hour chart, this is confirmed by its price movement which is moving below the WMA (21) which also has a downward slope

Arief Makmur 07:58 2025-05-19 UTC+2

EUR/USD Forecast for May 19, 2025

On Friday, the euro failed to sustain its upward movement, but it also didn't fall below the daily-scale MACD indicator line—the day closed with a black candlestick, but still above

Laurie Bailey 07:00 2025-05-19 UTC+2

GBP/USD Forecast for May 19, 2025

On Friday, the British pound failed to break above the resistance level 1.3311. Even the "head and shoulders" pattern on the Marlin oscillator couldn't help—the price extended its sideways movement

Laurie Bailey 07:00 2025-05-19 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.