This Week Forex Technical Outlook 24 February – 28 February 2020

EUR/USD Technical Analysis

For those who are following our weekly analysis, as projected, EUR/USD dropped to our first support level at 1.07773 which we expected buying interest. After three days of failure to break the S1 level, the pair then rebounded on the last trading day to close above last week opening price forming a spinning op candlestick pattern on the weekly chart.

Looking ahead, the price structure remains bearish. Should Euro Dollar break above 1.0878, will then see the price targeting the upper level 1.0920 and 1.09828.

On the downside, 1.07773 now becomes a strong support level and with the selling pressure neutralized on the last trading day, we do not see strong selling interest beyond S1 this week. Traders are likely to wait for a better selling opportunity when the bullish retracement becomes weaker.
Daily Chart - EURUSD

GBP/USD Technical Analysis

Sterling Dollar obeyed our resistance level at 1.30705 and dropped to the first support level before retraced 70 pips to 1.2950. Noticed that the price range for the past ten days is trading between 1.2850 and 1.3070 area.

While our immediate price structure still indicating a bearish bias, but a bull flag is becoming increasing visible (see yellow triangle and weekly chart) with break above R1 should be seen the start of a bullish momentum at least until 1.3213 level.

Any selling resumption, we will be keen to look at the break of last week low at 1.2849 to be of any strong seller interest, or selling the failure of break above R1. Expect strong support at 1.2759 should the price falls.

Daily Chart - GBP/USD

Upcoming economic events this week

Download Full Report Here

Weekly Technical Outlook 24 February 2020 – 28 February 2020 - Price Structure Trading Analysis


© Charterprime

Leading French banking group engages AxiomSL's com...
Forex and Cryptocurrency Forecast for February 24 ...

Related Posts


Quick Post

What would you like to share today?
You can also favorite these post types to have quicker access
Share and stream what's new to our social channels...
  Add photos   Click or drop photos here to upload.
Pending Preparing to upload... Uploading... Upload failed. (see details) Upload completed.
( left)
Add files Click or drop files here to upload
Type a hashtag to start searching for tags
Keyword does not match any tags
Type a name of your friend
No friends found by that name
Keyword does not match any emoticons

Broker Search

Latest Spot Rate

02 April 2020
Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. Original link...
01 April 2020
Caixin China Manufacturing PMI rebounds nearly 10 points to50.1 in March, up from the record low of 40.3 in FebruaryOutput showed modest return to growth as an increasing numberof industrial firms resume workDemand conditions continue to weakenInput ...
01 April 2020
B&G plc, which is not regulated by the FCA, issued bonds which were sold to retail consumers. B&G Finance, which is regulated by the FCA, acted as an intermediary between B&G plc and investors, arranging investments in the bonds sold by B...
01 April 2020
- Microsoft has published a patent application for a device called "Cryptocurrency system that uses data on body activity." Apparently, the device will be designed to use human energy for mining cryptocurrencies. The document says that this will be a...
01 April 2020
PMI® at 49.1%Production, New Orders, and Employment ContractingSupplier Deliveries Slowing at Faster Rate; Backlog ContractingRaw Materials Inventories Contracting; Customers’ Inventories Too LowPrices Decreasing; Exports and Imports Contracting(Temp...
How It Works | About | Contact | Contributors | Privacy Policy | Advertise
© 2009 - 2020 ChatPips. All Rights Reserved. Terms of Use: The content on this website is solely for educational and informational purposes and is not a substitute for official documentation of the original owners. This site is not operated by, sponsored by, endorsed by, or affiliated with any parties in any way. The website owner, the authors, the publishers, and all affiliates of ChatPips.com assume no responsibility or liability for your trading and investment results. You should always check and confirm with several sources with your licensed financial advisor and tax advisor to determine the suitability of any investment before making your final decision. Your continued usage and browsing of information on this website constitute your agreement to this Terms of Use. If you do not agree, please do not proceed to use this website. Brokers Directory: The companies license information were obtained from respective local jurisdiction. All other company and/or product names are trademarks and/or registered trademarks of their respective owners.