Jump to content

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


Recommended Posts

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
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The crypto industry's rapid evolution brings forth an array of opportunities. Equipping oneself with knowledge of web3 and blockchain technology opens doors to immense potential. As the crypto community garners widespread acceptance and adoption, the opportunities continue to burgeon. One such opportunity lies in the Bitget COO Apprentice Program, tailored for individuals in Europe. This unique program offers selected candidates the chance to collaborate closely with top Bitget officials. Additionally, the top three participants will enjoy a fully-funded 10-day trip to Dubai alongside Bitget COO, Vugar Uzi Zade. What's more, successful candidates receive compensation throughout the program, complemented by invaluable international exposure. While currently exclusive to European natives, one hopes for its expansion to Africa in the near future. For European residents with the drive and qualifications, this is an opportunity to amplify your presence within the global crypto community. Interested applicants can apply via the link below:  https://docs.google.com/forms/d/e/1FAIpQLSdRkfOcnDvilxh6RbtlsZGChs3CKiuKApS3ZGJDOqj-9mv0yw/viewform
    • Rich Quack, a BEP-20 token on the Binance Smart Chain, is pioneering a vibrant ecosystem where holders can potentially profit through investment, community building, and active participation. It boasts several unique features, including being a deflationary token with a 5% automatic LP and 5% Auto Farm Feature. $QUACK is a stealth fair launched token that has undergone a Security Audit by TechRate, with LP Locked, Anti-Whale measures, and RUG Proof. It prides itself on being a 100% community-driven project on the BSC. It aims to revolutionize the landscape of secure investing and fundraising platforms by harnessing blockchain technology. It provides a safe environment for investors and fundraisers alike to engage and transact securely. Holders of the tokens can also partake in exciting opportunities such as jackpot raffles and lotto games that offer payouts at regular intervals—hourly, daily, weekly, and monthly. The protocol's frictionless yield generation mechanism collects 10% of transaction fees to distribute as rewards and contributes to liquidity pools, ensuring continuous growth and sustainability. With its recent listing on Bitget exchange, Rich Quack is experiencing a bullish price trend, signaling promising prospects for investors and enthusiasts alike.
    • my opinion is that Bitcoin will rise to $80,000
×
×
  • Create New...
us