Forex Technical Major Pairs Analysis | February 26, 2021

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USDX (USD Index)

The bearish pressure of the U.S dollar index recede at 90.00 and the index formed a bullish pin bar pattern yesterday. There is a bullish continuation today and the index launch upward with strong bullish momentum. If the index could maintain the bullish pressure and breakout above the blue box area then traders will expect further bullish continuation toward 92.00 – 93.00 area.

EUR/USD

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EUR/USD printed a higher high above 1.2200 but could not close the day above the level. Moreover, the pair formed a bearish pin bar pattern which confirmed the downside today. The pair currently moving down with strong bearish momentum and expected to test the 1.2000 – 1.2070 area. If the area is broken to the downside then EUR/USD might continue to target 1.1820.

today critical levels to watch:

Support: 1.2070, 1.2000, 1.1820

Resistance: 1.2200, 1.2300, 1.2500

GBP/USD

GBP/USD moved lower with strong bearish momentum and has fallen below 1.4000. The pair set to reach the 1.3835 support level next. If the bearish pressure recedes then traders could consider entering long positions after a bullish reaction.

Today Critical level to watch:

Support: 1.3835

Resistance: 1.4000, 1.4325

USD/JPY

USD/JPY crossed above daily SMA 200 and keep building bullish pressure. The pair almost reached the 106.70 resistance level. At the current time, traders will observe the pair reaction near the 106.70 resistance level. We think a bullish breakout might happen and USD/JPY will continue its bullish trend.

Today critical levels to watch:

Support: 106.00, 105.00

Resistance: 106.70

AUD/USD

AUD/USD rejected from the 0.8000 resistance level with strong bearish momentum. The pair closed lower yesterday and there is a bearish continuation today. Same in the previous analysis, if the pair reach support level and the bearish pressure recede then traders could enter long positions. At the current time, it is better to continue to observe the pair reaction near the support levels.

Today critical levels to watch:

Support: 0.7750, 0.7700

Resistance: 0.7800, 0.8000

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