28th February 2022 Technical Analysis

EURUSD

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

The pair is currently trading near  1.11811，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.11520

Resistance level 2: 1.11050

Resistance level 3: 1.10750

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

Support level 1: 1.12080

Support level 2: 1.12300

Support level 3: 1.12650

On Tuesday (March 1), Germany will release the data of the Markit manufacturing PMI for February. Higher data indicates indicates favorable to the euro, so it is bullish for the EURUSD 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 Friday and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.33680，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1:1.34000

Resistance level 2: 1.34350

Resistance level 3:1.34850

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

Support level 1: 1.33150

Support level 2: 1.32700

Support level 3: 1.32300

On Tuesday (March 1), the United States will release the data of the Markit Manufacturing PMI for February. Higher data indicates favorable to the US 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.