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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


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

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