8th February 2022 Technical Analysis

EURUSD

EURUSD were volatile on Monday, and the technical bias is bullish due to higher lows in the recent downtrend.

The pair is currently trading near 1.14383，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:  1.14550

Resistance level 2: 1.14750

Resistance level 3: 1.14900

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

Support level 1: 1.14250

Support level 2: 1.14100

Support level 3: 1.13930

On Thursday (February 10), the United States will announce the inflation data for January. Higher data indicates favorable to the US dollar, so it is negative  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 Monday , and the technical bias is bearish due to lower lows in the recent uptrend.

The pair is currently trading near 1.35356 ，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:  1.35500

Resistance level 2: 1.35670

Resistance level 3: 1.35850

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

Support level 1: 1.35150

Support level 2:  1.35000

Support level 3: 1.34850

On Thursday (February 10), the United States will release inflation data for January. Higher data indicates favorable to the dollar, so it is negative for the GBPUSD currency 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.