1st February 2022 Technical Analysis

EURUSD

EURUSD rose on Monday, and the technical bias is bullish due to higher highs in the recent downtrend.

The pair is currently trading near 1.12229，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.12420

Resistance level 2: 1.12620

Resistance level 3: 1.12770

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.12180

Support level 2: 1.12000

Support level 3: 1.11820

Today, Germany will announce the unemployment rate data for January. Higher data indicates favorable to the euro, so it is negative for the EURUSD currency pairs, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the EURUSD currency pair near the current level.

GBPJPY

GBPJPY rose on Monday, and the technical bias is bullish due to higher highs in the recent uptrend.

The pair is currently trading near 154.726，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 154.950

Resistance level 2: 155.350

Resistance level 3: 155.780

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 154.450

Support level 2: 154.150

Support level 3: 153.800

Today, the UK will release the January Markit Manufacturing PMI data, higher data indicates favorable to the pound, and therefore bullish for the GBPJPY pair and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPJPY currency pair near the current level.