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The EUR/USD Technical Analysis on 22/02/2023 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.061702
• Second Key support level of EUR/USD: 1.058925
• Third Key support level of EUR/USD: 1.051964
• First key resistance level of EUR/USD: 1.066102
• Second Key resistance level of EUR/USD: 1.06983
• Third Key resistance level of EUR/USD: 1.07915

• First key support level of USD/CHF: 0.927931
• Second Key support level of USD/CHF: 0.922569
• Third Key support level of USD/CHF: 0.916679
• First key resistance level of USD/CHF: 0.933179
• Second Key resistance level of USD/CHF: 0.9359
• Third Key resistance level of USD/CHF: 0.940572

• First key support level of GBP/USD: 1.198938
• Second Key support level of GBP/USD: 1.191488
• Third Key support level of GBP/USD: 1.185
• First key resistance level of GBP/USD: 1.214813
• Second Key resistance level of GBP/USD: 1.226146
• Third Key resistance level of GBP/USD: 1.241741

• First key support level of USD/JPY: 133.848041
• Second Key support level of USD/JPY: 132.869021
• Third Key support level of USD/JPY: 130.107182
• First key resistance level of USD/JPY: 135.173608
• Second Key resistance level of USD/JPY: 137
• Third Key resistance level of USD/JPY: 138.172268

 

The EUR/USD Technical Analysis on 22/02/2023.

As stated in the previous analysis of the EUR/USD on 08/02/2023, the price could decrease to the price levels of 1.066 and 1.063, according to which the price behaved, and the sellers succeeded in obtaining these levels. As a result, during this downward trend, traders have the lowest price level of 1.061253, now the closest and most important support level for the price.

From a long-term point of view, until the resistance level of 1.0704 is not broken, the trend can be considered downward. In this direction, if the buyers fail to start an upward movement, the price will have the potential to decrease further and reach the critical support level of 1.05. (Warning for buyers with medium-term transactions)

According to the current conditions, the selling pressure in long-term intervals such as weekly has decreased a bit, and with the closing of the candle last week in the form of an ascending Spinning top pattern, the state of indecision between sellers and buyers is well observed and also issue the potential to reverse the trend.

Due to the relatively oversold price condition in the daily and 4-hour timeframes, there will be a potential to correct the downward and upward trend, albeit weakly, during the next candles. According to the above scenario, if the price floor of 1.061253 is maintained, the price will have the potential to rise and increase, and the buyers will initially look for the resistance level of 1.0698 and then up to 1.079.

 CloseOption Team

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