Outlook on February 26:
Analytical review of popular currency pairs on the hourly chart:
The key levels for the EUR/USD pair are 1.2394, 1.2340, 1.2315, 1.2276, 1.2237, 1.2220, 1.2162, 1.2116 and 1.2024. The price has been moving in an upward trend since February 17. We expect it to extend after the price breaks through the 1.2220 - 1.2237 range. This will allow us to continue the movement towards the level of 1.2276. If this level breaks down, the price will further rise to 1.2315. The price may consolidate in the range of 1.2315 - 1.2340. The final potential upward target is 1.2394. After reaching this level, a downward pullback is possible.
In turn, a short-term downward trend can be expected in the 1.2162 - 1.2116 range, from which a key upward reversal may occur. If the last value breaks down, it will provoke the downward trend to develop. In this case, the potential target is set at 1.2024.
The main trend is the upward trend from February 17, correction stage.
Trading recommendations:
Buy: 1.2238 Take profit: 1.2276
Buy: 1.2277 Take profit: 1.2315
Sell: 1.2160 Take profit: 1.2118
Sell: 1.2114 Take profit: 1.2030
The key levels for the GBP/USD pair are 1.4107, 1.4042, 1.4001, 1.3941, 1.3875, 1.3839, 1.3735 and 1.3651. The price has been following the formation of bearish trend since February 24. In this case, we expect it to continue moving down after the level of 1.3940 is broken. The target is set at 1.3875. The price may consolidate in the range of 1.3875 - 1.3839. If the last value breaks down, strong decline will continue towards the target of 1.3735. A price consolidation can be expected closer to this level. The final downward target is set at 1.3651. After reaching this level, the price may pullback upwards.
Meanwhile, a short-term growth is possible in the 1.4001 - 1.4042 range. If the level of 1.4042 breaks down, a deep correction will occur. In this case, the target is 1.4107, which is also the key support level.
The main trend is the formation of a downward trend from February 24.
Trading recommendations:
Buy: 1.4001 Take profit: 1.4041
Buy: 1.4043 Take profit: 1.4107
Sell: 1.3940 Take profit: 1.3875
Sell: 1.3837 Take profit: 1.3737
The key levels for the USD/CHF pair are 0.9159, 0.9121, 0.9084, 0.9064, 0.9037, 0.9020 and 0.8991. The price started moving up since February 16. So, we expect a short-term upward movement in the 0.9064 - 0.9084 range. If the level of 0.9084 breaks down, strong movement will follow towards the target of 0.9121. The price may consolidate around this level. The final upward target is set at the 0.9159 mark. Once this level is reached, a downward pullback may occur.
A short-term decline is possible in the 0.9037 - 0.9020 range. A breakout of 0.9020 level will result in a deep correction. The target is set at 0.8991, which is also the key support level.
The main trend is the upward trend from February 16.
Trading recommendations:
Buy: 0.9064 Take profit: 0.9082
Buy: 0.9086 Take profit: 0.9120
Sell: 0.9037 Take profit: 0.9022
Sell: 0.9018 Take profit: 0.8991
The key levels for the USD/JPY are 107.39, 107.02, 106.55, 106.27, 105.86, 105.52, 105.30 and 104.93. The price has been moving in an upward trend since February 23. Therefore, we expect a short-term upward movement in the 106.27 - 106.55 range. If the last value is broken, strong growth will continue towards the target of 107.02. The ultimate potential upward target is 107.39. After reaching this level, the price may consolidate and pullback downwards.
A correction is expected after the level of 105.86 is broken. Here, the target is set at 105.52. The upward key support is in the range of 105.52 - 105.30. So, the price breaking through it will stimulate the development of a downward trend. The first potential target is 104.93.
The main trend is the upward trend from February 23.
Trading recommendations:
Buy: 106.28 Take profit: 106.55
Buy: 106.57 Take profit: 107.00
Sell: 105.84 Take profit: 105.54
Sell: 105.30 Take profit: 104.95
The key levels for the USD/CAD pair are 1.2843, 1.2787, 1.2760, 1.2688, 1.2643, 1.2581, 1.2539, 1.2466 and 1.2408. The price is forming an upward potential from February 25. In this case, we expect a short-term growth in the 1.2643 - 1.2688 range. If the level of 1.2688 breaks down, strong decline will continue towards the target of 1.2760. After that, the price may consolidate in the range of 1.2760 - 1.2787. The final upward target is set at the level of 1.2843. After reaching this level, a downward pullback is possible.
A short-term decline, in turn, is possible in the range of 1.2581 - 1.2539. If the last value is broken, the downward trend will further develop. In such a case, the first potential target is set at 1.2466. We will consider the final downward target at 1.2408. After reaching this level, the price may consolidate.
The main trend is the formation of the upward trend from February 25.
Trading recommendations:
Buy: 1.2644 Take profit: 1.2686
Buy: 1.2690 Take profit: 1.2760
Sell: 1.2581 Take profit: 1.2540
Sell: 1.2537 Take profit: 1.2466
The key levels for the AUD/USD pair are 0.8009, 0.7965, 0.7912, 0.7870, 0.7819, 0.7777, 0.7705 and 0.7648. The downward trend that started on February 25 continues to form. In this context, we expect a short-term decline in the 0.7819 - 0.7777 range. If the level of 0.777 breaks down, this will be followed by a strong decline towards the next target set at 0.7705. The ultimate downward target is 0.7648. Once this level is reached, the price may pullback upwards.
On the contrary, a short-term growth is possible in the range of 0.7870 - 0.7912. After breaking through the last value, a deep correction may occur. The target is set at 0.7965, which is also the key support level. The price breaking through this level will develop the upward trend. In this case, the first potential target is 0.8009.
The main trend is the formation of a downward trend from February 25.
Trading recommendations:
Buy: 0.7870 Take profit: 0.7911
Buy: 0.7913 Take profit: 0.7965
Sell: 0.7817 Take profit: 0.7778
Sell: 0.7775 Take profit: 0.7707
The key levels for the EUR/JPY pair are 130.52, 130.00, 129.63, 129.10, 128.70, 128.26 and 127.23. The price continues to adhere to the local bullish trend from February 17. Thus, we expect a short-term growth in the 129.63 - 130.00 range. Once the last value is broken, the upward movement will resume to the potential target of 130.52. A downward pullback may occur from this level.
A short-term decline is expected in the 129.10 - 128.70 range. If the level of 128.70 breaks down, a deep correction can be expected. The target is set at 128.26, which is also the key support level.
The main trend is the local upward trend from February 17.
Trading recommendations:
Buy: 129.63 Take profit: 130.00
Buy: 130.02 Take profit: 130.52
Sell: 128.68 Take profit: 128.27
Sell: 128.24 Take profit: 127.53
The key levels for the GBP/JPY pair are 150.40, 149.66, 148.93, 148.41, 147.70, 147.24, 146.30, 145.70 and 145.28. The price follows the formation of the downward trend from February 25. In this case, we expect a short-term decline in the range of 147.70 - 147.24. If the level of 147.24 breaks down, strong decline will continue to the target of 146.30. The final potential downward target is 145.28. After reaching this level, the price may consolidate in the 145.28 - 145.70 range, which will be followed by an upward pullback.
A short-term growth, in turn, is expected in the range of 148.41 - 148.93. If the last value breaks down, a deep correction will occur. The target is set at 149.66, which is also the key support level.
The main trend is the downward trend from February 25.
Trading recommendations:
Buy: 148.41 Take profit: 148.91
Buy: 148.95 Take profit: 149.66
Sell: 147.24 Take profit: 146.35
Sell: 146.28 Take profit: 145.70
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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