3rd February 2022 Technical Analysis

EURUSD

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

The pair is currently trading near 1.12949，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.13100

Resistance level 2: 1.13300

Resistance level 3: 1.13500

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

Support level 1: 1.12900

Support level 2: 1.12780

Support level 3: 1.12630

Today, the European Central Bank will announce the latest interest rate decision data, the expectation of interest rate hike shows that it is good for the euro, so it is bullish for the European and American 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.

GBPUSD

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

The pair is currently trading near 1.35638，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.35850

Resistance level 2: 1.36050

Resistance level 3: 1.36350

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

Support level 1: 1.35530

Support level 2: 1.35300

Support level 3: 1.35000

Today, the Bank of England will announce the latest interest rate decision data. The interest rate hike indicates favorable to the pound, so it is bullish for the pound and the US currency pair, and vice versa.

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