17th February 2022 Technical Analysis

EURUSD

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

The pair is currently trading near 1.13736，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.13850

Resistance level 2: 1.14000

Resistance level 3: 1.14200

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

Support level 1: 1.13630

Support level 2: 1.13500

Support level 3: 1.13300

Today (February 17) the European Central Bank will release the latest economic bulletin, and a more optimistic economic outlook indicates favourable 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 rose on Wednesday, and the technical bias is bullish due to higher lows in recent horizontal swing trend

The pair is currently trading near 1.35844，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.36000

Resistance level 2: 1.36200

Resistance level 3: 1.36400

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

Support level 1: 1.35750

Support level 2: 1.35600

Support level 3: 1.35400

On Friday (February 18) the UK will release retail sales data for January, with higher data indicating a positive for the pound and therefore bullish for the GBPUSD 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.