24th February 2022 Technical Analysis

EURUSD

EURUSD fell on Wednesday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.13002，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:1.13100

Resistance level 2: 1.13220

Resistance level 3:1.13350

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

Support level 1: 1.12900

Support level 2: 1.12800

Support level 3: 1.12650

Today (February 24) the United States will announce the GDP growth data for the fourth quarter of 2021. 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 sell the EURUSD currency pair near the current level.

GBPUSD

GBPUSD fell on Wednesday , and the technical bias is bearish due to lower lows in a recent volatile trend.

The pair is currently trading near 1.35425，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:1.35550

Resistance level 2: 1.35700

Resistance level 3: 1.35850

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

Support level 1: 1.35250

Support level 2: 1.35100

Support level 3: 1.34950

On Thursday (February 24), Bank of England Governor Bailey will speak, and the hawkish remarks are 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 sell the GBPUSD currency pair near the current level.