Key Highlights
- EUR/USD is consolidating above the 1.1300 level.
- A key contracting triangle is forming with resistance near 1.1365 on the 4-hours chart.
- GBP/USD is eyeing more upsides above 1.3620 and 1.3640.
- Gold price extended rally and tested the $1,900 zone.
EUR/USD Technical Analysis
The Euro started a downside correction from the 1.1500 resistance against the US Dollar. EUR/USD corrected lower below the 1.1420 support, but stayed above 1.1300.
Looking at the 4-hours chart, the pair formed a top near 1.1494 and corrected lower. There was a move below the 1.1400 and 1.1350 support levels. The pair declined below the 38.2% Fib retracement level of the upward move from the 1.1121 swing low to 1.1494 high.
The pair even moved below the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours). However, the bulls appeared near the 1.1300 support zone.
The pair also remained stable above the 50% Fib retracement level of the upward move from the 1.1121 swing low to 1.1494 high. It is now consolidating above the 1.1300 level and seems to be preparing for the next move.
There is a key contracting triangle forming with resistance near 1.1365 on the same chart. The next major resistance is near the 1.1400 level. A close above 1.1400 could open the doors for a strong increase.
If not, EUR/USD might break the triangle support at 1.1320 and extend decline. The next key support is near 1.1300. Any more losses might send the pair towards 1.1200.
Looking at GBP/USD, the pair was able to clear the 1.3600 resistance zone and now aims more upsides above the 1.3640 level.
Economic Releases
- Germany’s Manufacturing PMI for Feb 2022 (Preliminary) – Forecast 59.4, versus 59.8 previous.
- Germany’s Services PMI for Feb 2022 (Preliminary) – Forecast 53.0, versus 52.2 previous.
- Euro Zone Manufacturing PMI for Feb 2022 (Preliminary) – Forecast 58.7, versus 58.7 previous.
- Euro Zone Services PMI for Feb 2022 (Preliminary) – Forecast 51.7, versus 51.1 previous.
- UK Manufacturing PMI for Feb 2022 (Preliminary) – Forecast 57.5, versus 57.3 previous.
- UK Services PMI for Feb 2022 (Preliminary) – Forecast 55.2, versus 54.1 previous.
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