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EUR/USD, EUR/GBP and GBP/USD mixed as war in Ukraine rages on


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EUR/USD and GBP/USD try to recover while EUR/GBP stays side-lined amid ongoing crisis in Eastern Europe.

 

EUR/USD stays above key support, awaiting Russia-Ukraine developments

EUR/USD remains above the May 2019, January and current February lows at $1.1122 to $1.1106 despite the ongoing crisis in Ukraine. While this support zone continues to hold, the early January and mid-February lows at $1.1272 to $1.128 may be revisited.

Provided that the cross remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1302 to $1.1324, the February downtrend is intact. A drop trough $1.1106 would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being targeted.

EUR/USD chartSource: IT-Finance.com

EUR/GBP side-lined amid ongoing geo-political turmoil

Last week, EUR/GBP touched and then rallied from major support, containing the January and early-February lows at £0.8305 to £0.8286, to £0.8408 before slipping back as Russia attacked Ukraine.

Further sideways trading between these two extremes is to be seen in the days to come. Minor resistance can be spotted along the 55-day SMA at £0.8386 as well as at Friday’s high at £0.8408 with the 11 January low at £0.8324 offering minor support.

EUR/GBP chartSource: IT-Finance.com

GBP/USD continues to recover from last week’s two-month low

GBP/USD continues to gradually recover from last week’s sharp sell-off to $1.3273 in the wake of the Russian invasion of Ukraine. As long as yesterday’s low at $1.3342 holds, the mid-February low and 55-day SMA at $1.3487 to $1.3504 should be in focus but may cap.

Further up the 2021 to 2022 downtrend line, current February high and 200-day SMA can be spotted at $1.3643 to $1.3666. Only a currently unexpected fall through last week’s $1.3273 low, would put the December trough at $1.3163 back on the map.

GBP/USD chartSource: IT-Finance.com

Axel Rudolph | Market Analyst, London
02 March 2022
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