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Daily Market Update 08 Feb 2021

EURUSD

HIGH

1.20553

LOW

1.20294

BID

1.20377

ASK

1.20383

CHANGE

0%

TIME

09:33:41

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Risk of further market strengthening is seen above the resistive measure at 1.2048 (R1). Break here is required to open path towards to next target at 1.2080 (R2) and then final target could be exposed at 1.2112 (R3). Downwards scenario: On the short term perspective we expect correction formation ahead. Next support level is seen at 12024 (S1). Break here is required to clear the way towards to next target at 1.1989 (S2). Final support for today is seen at 1.1954 (S3).

Resistance Levels: 1.2048, 1.2080, 1.2112

Support Levels: 12024, 1.1989, 1.1954

 

GBPUSD

HIGH

1.37407

LOW

1.37121

BID

1.37309

ASK

1.37315

CHANGE

0%

TIME

09:33:41

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

Upwards scenario: On the upside potential is seen for a break above the resistance at 1.3740 (R1). In such case we would suggest next target at 1.3810 (R2) and any further rise would then be limited to final resistance at 1.3880 (R3). Downwards scenario: Our next support measure at 1.3700 (S1) prevents possible retracement evolvement. Break here is required to enable lower target at 1.3630 (S2) and any further market weakening would then be targeting final support for today at 1.3564 (S3).

Resistance Levels: 1.3740, 1.3810, 1.3880

Support Levels: 1.3700, 1.3630, 1.3564

 

USDJPY

HIGH

105.543

LOW

105.270

BID

105.506

ASK

105.512

CHANGE

0%

TIME

09:33:41

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

Upwards scenario: Possible surge higher the resistive measure at 105.76 (R1) is liable to activate recovery phase from the initial bearish setup. In such scenario we would suggest next target zone from 106.00 (R2) onto 106.25 (R3) price levels. Downwards scenario: Session low, located at 105.45 (S1) offers a key support measure on the downside. Successful retest here is very important for the bearish market participants due to the absence of the strong support levels on the way towards to next targets at 105.19 (S2) and 104.94 (S3).

Resistance Levels: 105.76, 106.00, 106.25

Support Levels: 105.45, 105.19, 104.94

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