7th February 2022 Technical Analysis

EURUSD

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

The pair is currently trading near 1.14545，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:  1.14900

Resistance level 2: 1.15250

Resistance level 3: 1.15580

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

Support level 1: 1.14080

Support level 2:  1.13750

Support level 3: 1.13350

On Friday, Germany will release the inflation data for January, and higher data indicates favorable to 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 fell on Friday, and the technical bias is bearish due to lower lows in the recent uptrend.

The pair is currently trading near 1.35327，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:  1.35450

Resistance level 2: 1.35620

Resistance level 3: 1.35800

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

Support level 1: 1.35200

Support level 2: 1.35050

Support level 3: 1.34900

On Thursday (February 10), the United States will release inflation data for January, and higher data indicates favourable to the dollar, so it is negative for the GBPUSD pair, and vice versa.

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