| Simplified wave analysis and forecast for EUR/USD, AUD/USD, February 22 2021-02-22 EUR/USD Analysis: The uptrend of the EUR/USD pair pushed it to the resistance zone. Throughout January, the price formed a downward correction. Since February 5, a reversal pattern has been developing before the start of a new trend wave. Forecast: Today, the pair is likely to trade sideways. In the first half of the day, it may try to break through the support level. At the end of the day or tomorrow, there is a high probability of a reversal and a subsequent rise in the area of the resistance zone. Potential reversal areas Resistance: - 1.2170/1.2200 Support: - 1.2100/1.2070 Recommendation: It is risky to open short deals on the euro. So, it is better to refrain from opening short traders. After the end of the current downward movement, we should look for signals to enter the market. 
AUD/USD Analysis: The Australian dollar is gaining momentum. The quote reached a strong resistance zone. The structure of the last section of the wave from December 21 looks complete. However, there are no signals of an immediate change of movement on the chart. Forecast: Over the next day, the AUD/USD pair is likely to halt its upward movement. So, we expect the formation of a reversal and the resumption of the downward movement. The support zone indicates a pullback. Potential reversal areas Resistance: - 0.7890/0.7920 Support: - 0.7830/0.7800 Recommendation: It is not recommended to open long deals as the pair looks overbought. It is favorable to refrain from entering the market until the end of the upcoming price decline. When it happens, we should look for buy signals. 
Explanation: In simplified wave analysis, waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The arrows show the formed structure; the dotted line shows the expected movements. Attention: The wave analysis does not take into account the duration of the movements of the pair in time! Technical Analysis of GBP/USD for February 22, 2021 2021-02-22 Technical Market Outlook: The GBP/USD pair has hit the level of 1.4050 which is the current swing high. Some kind of correction or pull-back is being expected due to the extremely overbought market conditions, so please keep an eye on the local technical support located at the level of 1.3982 - 1.3965. Any violation of this level will open the road towards the next technical support seen at the level of 1.3889. The higher time frame trend is still up and the current correction is only an internal corrective cycle inside of the up trend. Weekly Pivot Points: WR3 - 1.4313 WR2 - 1.4176 WR1 - 1.4112 Weekly Pivot - 1.3970 WS1 - 1.3906 WS2 - 1.3764 WS3 - 1.3698 Trading Recommendations: The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4050 and this was the higher close in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370. 
GBP/USD. February 22. COT report. The British economy is preparing for high unemployment and additional GDP losses due to Brexit. 2021-02-22 GBP/USD – 1H. 
According to the hourly chart, the quotes of the GBP/USD pair performed an increase to the level of 1.3976 and closed above it. Thus, the growth process continues in the direction of the next corrective level of 200.0% (1.4063). The rebound of the pair's rate from this level will work in favor of the US dollar and some fall in the direction of the lower border of the upward trend corridor, which characterizes the current mood of traders as "bullish". On Friday, the UK also released business activity indices for services and manufacturing, and traders' attention was also drawn to business activity in the service sector. In the UK, it went a month earlier even below the level of 40, which was already a critical value. However, in February, this index recovered to almost 50, which makes us look to the future with hope. Unfortunately, it is still very difficult for the whole country to look to the future with optimism. Just recently, Finance Minister Rishi Sunak predicted a serious crisis in the labor market. The minister said that the recession in 2020 is the strongest in the last 300 years and it will inevitably pull the unemployment rate up, which in the coming months may rise to record levels. Unemployment is expected to peak in the second quarter of this year at 7.5%. "We have a comprehensive plan to create jobs and support people in crisis. We will issue the next aid package in March within the budget," Rishi Sunak said. At the same time, the British central bank believes that it will be possible to reach pre-crisis levels no earlier than in a year, however, many consider this forecast too optimistic. I also remind you that according to the official data of the European Commission, the UK will lose up to 2.5% of GDP due to Brexit. GBP/USD – 4H. 
On the 4-hour chart, the GBP/USD pair closed above the corrective level of 161.8% (1.3979), which increases the probability of further growth towards the next level of 1.4126. The upward trend line still keeps traders' mood bullish. However, now no one has any doubts that the trend is bullish. GBP/USD – Daily. 
On the daily chart, the pair's quotes performed an increase to the Fibo level of 127.2% (1.4084). A rebound from this level will allow us to expect a reversal in favor of the US currency and a slight drop in the direction of 1.3513. Closing the pair above 127.2% will increase the chances of continuing growth in the direction of the corrective level of 161.8% (1.4812). GBP/USD – Weekly. 
On the weekly chart, the pound/dollar pair completed a close over the second downward trend line. Thus, the chances of long-term growth of the pound are significantly increased. Overview of fundamentals: On Friday, the calendars of the United States and Great Britain contained quite a lot of interesting information. For example, a report on retail sales in the UK. However, traders still spent most of the day buying the British dollar, not paying attention to the statistics. News calendar for the United States and the United Kingdom: On February 22, the calendars of economic events in the United Kingdom and the United States are empty. Thus, the information background will be absent today. COT (Commitments of Traders) report: 
The latest COT report from February 16 on the British pound was extremely boring, as was the report on the euro. During the reporting week, the "Non-commercial" category of traders opened 369 long contracts and closed 3,308 short contracts. Thus, the mood of speculators has become more "bullish", which further increases the chances of the British dollar continuing to grow. In general, during the reporting week, almost an equal number of long and short contracts were opened by all players. Nevertheless, despite the small changes, the pound continues a strong and long process of growth. Forecast for GBP/USD and recommendations for traders: It was recommended to buy the British dollar in case of closing above the level of 1.3979 on the 4-hour chart with a target of 1.4126. I recommend keeping these deals open for now. I recommend selling the pound sterling when the quotes are fixed under the upward trend corridor on the hourly chart with the targets of 1.3820 and 1.3744. Terms: "Non-commercial" - major market players: banks, hedge funds, investment funds, private, large investors. "Commercial" - commercial enterprises, firms, banks, corporations, companies that buy foreign currency, not for speculative profit, but to support current activities or export-import operations. "Non-reportable positions" - small traders who do not have a significant impact on the price. EUR/USD. February 22. COT report. The European economy is still recovering very slowly. 2021-02-22 EUR/USD – 1H. 
On February 19, the EUR/USD pair continued the growth process that started two days earlier. Closing quotes above the Fibo level of 38.2% (1.2104) allowed traders to expect continued growth in the direction of the corrective level of 50.0% (1.2151), which the pair eventually did not reach. Thus, I got the opportunity to build a new downward trend line. If this line is not canceled in the near future, traders can expect a reversal in favor of the US currency and a resumption of the fall in the direction of the Fibo level of 23.6% (1.2046). Fixing the pair's rate above the trend line will work in favor of continuing the growth of the euro in the direction of the corrective level of 61.8% (1.2197). On Friday, traders closely followed the indicators of business activity in the European Union and the United States. The fact is that it is the business activity that is a harbinger of changes in the economy. Roughly speaking, if the business activity falls (as well as economic activity), then the economy will slow down or contract. Thus, in the European Union in recent months, it is the recovery services sector that is slowing down the economic recovery. Let me remind you that the latest EU GDP report showed a contraction in the fourth quarter. Thus, as long as the business activity does not return to the "positive zone", that is, above the level of 50, there is no need to expect an acceleration in the recovery. Unfortunately, business activity in this area of the EU did not get better in February. Thus, the European economy may not experience the best of times for a few more months. EUR/USD – 4H. 
On the 4-hour chart, the pair's quotes performed a fall to the corrective level of 161.8% (1.2027), a rebound from it, and a reversal in favor of the European currency. Thus, the growth process can be continued in the direction of the level of 1.2204. Bullish divergence also increases the likelihood of further gains. Closing the pair's exchange rate at the level of 161.8% will work in favor of the US currency and resume falling in the direction of the corrective level of 127.2% (1.1729). EUR/USD – Daily. 
On the daily chart, the quotes of the EUR/USD pair performed the second breakdown of the lower border of the upward trend corridor and also false. Therefore, at the moment, the pair still retains the chances of continuing the growth process in the direction of the corrective level of 423.6% (1.2496). Closing under the corridor will allow you to count on a long drop in quotes. EUR/USD – Weekly. 
On the weekly chart, the EUR/USD pair has made a consolidation above the "narrowing triangle", which preserves the prospects for further growth of the pair in the long term. Overview of fundamentals: On February 19, reports on business activity in the service and manufacturing sectors were released in the European Union and America. All indices showed positive dynamics, except for the index in the EU services sector. News calendar for the United States and the European Union: EU - ECB President Christine Lagarde will deliver a speech (14:30 GMT). On February 22, the calendars of economic events in the European Union and the United States are empty. There will only be a speech by Christine Lagarde, the ECB President. COT (Commitments of Traders) report: 
Last Friday, the next COT report was released and for the second week in a row, it turns out to be very calm. If a week earlier the "Non-commercial" category of traders increased long contracts and got rid of short contracts, but in small quantities, then in the last week they increased both long and short contracts, but in even smaller quantities. A total of 2,537 long contracts and 1,284 short contracts were opened. Thus, the mood of the major players became more "bullish". On the other hand, it has not become more "bearish", which means that the prospects for the European currency remain wonderful. In general, during the last reporting week, more short-contracts were opened, but we are more interested in the data on the group of speculators. Forecast for EUR/USD and recommendations for traders: Sales of the pair are recommended when closing quotes under the level of 38.2% (1.2104) on the hourly chart with a target of 1.2046. It is recommended to buy the pair if the quotes close above the trend line on the hourly chart with the goals of 1.2151 and 1.2197. Terms: "Non-commercial" - major market players: banks, hedge funds, investment funds, private, large investors. "Commercial" - commercial enterprises, firms, banks, corporations, companies that buy foreign currency, not for speculative profit, but to support current activities or export-import operations. "Non-reportable positions" - small traders who do not have a significant impact on the price. Indicator analysis. Daily review of the EUR/USD currency pair for February 22, 2021 2021-02-22 Trend analysis (Fig. 1). On Monday, the market will move upwards from the level of 1.2117 (closing of last Friday's daily candle) and it may test the resistance level - 1.2177 (blue bold line). In case of testing this level, the price may continue to move upward with the target of 1.2234 - the historical resistance level (blue dotted line). 
Figure 1 (Daily Chart). Comprehensive analysis: - Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - up;
- Weekly chart - up.
General conclusion: Today, the price will move upwards from the level of 1.2117 (closing of last Friday's daily candlestick) and it may test the resistance level - 1.2177 (blue bold line). If this level is tested, the price may continue to move upward with the target of 1.2234 - the historical resistance level (blue dashed line). Unlikely scenario: from the level of 1.2117 (closing of last Friday's daily candle), the price may start moving down to the 38.2% retracement level - 1.2063 (red dotted line). If this level is tested, the price may continue to move upward with the target of 1.2102 - the 76.4% retracement level (yellow dashed line). Technical Analysis of EUR/USD for February 22, 2021 2021-02-22 Technical Market Outlook: The EUR/USD pair has retraced more than 61% of the last pull-back down and is slowly approaching the key short-term supply zone located between the levels of 1.2154 - 1.2178. The last attempt to break through this zone was a failure and bulls need to break if they want to continue the up trend towards 1.2284, which is the next target for them. The intraday support is seen at the level of 1.2108 and the next technical support is seen at 1.2088. Any violation of the old 61% Fibonacci retracement located at the level of 1.2035 will invalidate the bullish scenario. The weekly time frame trend is still up and intact. Weekly Pivot Points: WR3 - 1.2336 WR2 - 1.2251 WR1 - 1.2185 Weekly Pivot - 1.2101 WS1 - 1.2042 WS2 - 1.1960 WS3 - 1.1894 Trading Recommendations: Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario. 
Indicator Analysis. Daily review for the GBP/USD currency pair 02/22/21 2021-02-22 Last Friday, the pair moved up, and failed to reach the next target of 1.4090 at the upper limit of the Bollinger line indicator (the black dotted line), closing the daily white candle at 1.4005. Today, the price may continue to move up and the economic calendar news is not expected. Trend Analysis (Fig. 1). Today, the market may continue to move up from the level of 1.4005 (the closing of Friday's daily candle) with the target of 1.4090 at the upper limit of the Bollinger Line indicator (the black dotted line). When testing this line, it will continue to go up with the target of 1.4285 at the historical resistance level (blue dotted line). 
Figure 1 (daily chart). Comprehensive Analysis: - Indicator Analysis – up - Fibonacci Levels – up - Volumes – up - Candlestick Analysis – up - Trend Analysis -up - Bollinger Bands – up - Weekly Schedule - up General Conclusion: Today, the price may start moving up with the target of 1.4090 at the upper limit of the Bollinger Line indicator (the black dotted line). When testing this line, it will continue to go up with the target of 1.4285 at the historical resistance level (blue dotted line). An unlikely scenario: from the level of 1.4005 (the closing of Friday's daily candle), the price may start moving up with the target of 1.4108 at the upper limit of the Bollinger Line indicator (the black dotted line). When testing this line, it will go down with the target of 1.3876-13 average EMA (yellow thin line). EUR/USD: plan for the European session on February 22. COT reports. Bulls aim to surpass 1.2133 and update 1.2167 high 2021-02-22 To open long positions on EUR/USD, you need: Last Friday I didn't wait for the pair to return to 1.2122 level and update in the afternoon. The bears were not even that active in the 1.2122 area during the European session, which led to its breakdown and so the pair settled above it. However, we failed to wait for this level to be tested from top to bottom. As a result, I was forced to miss this signal. The pair returned to the 1.2122 area towards the end of the day, but buying from there before the market closes was not a good idea. 
Bulls will be focused on surpassing resistance at 1.2133. This will happen on condition that we see good fundamental data for Germany from the Ifo Institute. Attention will be drawn to the IFO Business Environment Indicator, the IFO Current Situation Indicator and the IFO Economic Expectations Indicator. Good performance will help the bulls settle above 1.2133. Testing this level from top to bottom creates an excellent entry point into long positions in hopes to recover to a high of 1.2167, where I recommend taking profits. The 1.2194 level will be a distant target, updating it will create a new upward trend for the euro. In case the pair falls in the first half of the day, the bulls will focus on support at 1.2109. Forming a false breakout there creates a good entry point to buy. Moving averages, playing on the side of buyers, also pass there. A larger level can be seen in the area of 1.2082, but it is best to buy the euro from it as well, making sure that there is a major player in the market, and only a false breakout will tell us about this. Buy on the rebound only from the low of 1.2037. To open short positions on EUR/USD, you need: The bears will look forward to regaining control over the 1.2109 level, but this requires a lot of work. Weak data on Germany can provide help, but the indicators are unlikely to be much worse than economists' forecasts. A breakout and being able to test the 1.2109 area from the bottom up creates a good signal to open short positions in order to create a new bear market and return to the low of 1.2082, where I recommend taking profits. Surpassing 1.2082 will cancel out the bullish momentum and increase pressure on the euro. In this case, we can expect a test of the lows of 1.2037 and 1.2003. In the EUR/USD growth scenario, it is best to consider short positions if a false breakout is formed in the 1.2133 area. If bears are not active there, then it is best to postpone short positions until the month's high is renewed in the 1.2167 area, from where one can expect a downward correction of 20-25 points within the day. 
The Commitment of Traders (COT) report for February 9 revealed an increase in short and long positions, which reflects the current situation. The equality of buyers and sellers clearly characterizes the entirety of last week, which is where the pair was, in a horizontal channel. It is important to note that any adequate decline in the EUR/USD pair has always been accompanied by quick buys, and the fact that the US dollar continues to be less and less in demand among investors has already been mentioned many times. Therefore, I think a more correct approach to the market is to buy the euro. The only problem for the euro is the lack of guidance from the European Central Bank and the risk of verbal intervention, which limits the growth potential. However, the demand for the euro will only increase with each significant downward correction in the pair. The COT report indicated that long non-commercial positions rose from 216,887 to 220,943, while short non-commercial positions rose from 79,884 to 80,721. As a result, the total non-commercial net position rose after last week's decline to 140,222 from 137,003. The weekly closing price was 1.2052 against 1.2067 a week earlier. Indicator signals: Moving averages Trading is carried out above 30 and 50 moving averages, which indicates the bulls' attempt to seize the initiative. Note: The period and prices of moving averages are considered by the author on the H1 chart and differs from the general definition of the classic daily moving averages on the D1 daily chart. Bollinger Bands A breakout of the upper border of the indicator in the 1.2133 area will lead to a new wave of growth for the euro. A break of the lower border at 1.2109 will increase pressure on the euro. Description of indicators - Moving average (moving average, determines the current trend by smoothing out volatility and noise). Period 50. It is marked in yellow on the chart.
- Moving average (moving average, determines the current trend by smoothing out volatility and noise). Period 30. It is marked in green on the chart.
- MACD indicator (Moving Average Convergence/Divergence — convergence/divergence of moving averages) Quick EMA period 12. Slow EMA period to 26. SMA period 9
- Bollinger Bands (Bollinger Bands). Period 20
- Non-commercial speculative traders, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.
- Long non-commercial positions represent the total long open position of non-commercial traders.
- Short non-commercial positions represent the total short open position of non-commercial traders.
- Total non-commercial net position is the difference between short and long positions of non-commercial traders.
GBP/USD: plan for the European session on February 22. COT reports. You shouldn't buy the pound at current highs. Beware of the 1.4047 level 2021-02-22 To open long positions on GBP/USD, you need: Buyers of the pound did an excellent job, and the buy signal, which I used in my forecast for the second half of the day, worked out completely. Let's take a look at the 5-minute chart and talk about where and how you could make money. The activity indices in the UK came out in the first half of the day, which enabled bulls to surpass resistance at 1.3983. Testing this level from the reverse side (it was after this that I advised you to open long positions in the morning), led to creating an excellent entry point to buy the pound. As a result, the pair quickly rose to the target area of 1.4036, which brought about 50 points of profit. The rebound from the area of 1.4036 also made it possible for us to take around 20 points from the market, however, trading against the trend for the British pound was quite risky. 
No important fundamental reports today, so the pound's growth potential will be limited. The optimal scenario for opening long positions in continuing the bull market will be a false breakout in the support area of 1.3983, slightly above which the moving averages also pass, playing on the side of buyers. In this case, one can count on a new wave of growth for the pound and its return to the area of the high of 1.4047, on the break of which the pair's succeeding growth depends. A breakout and being able to test this level from top to bottom will lead to forming a new signal to open long positions in order to update 1.4116, where I recommend taking profits. The succeeding target will be the high at 1.4186. However, before buying the pound at 1.4047, pay attention to the divergence of the MACD indicator, which has been forming since February 18. In this case, gains above 1.4047 will be quite limited, and a breakout of 1.4047 could lead to a false breakout. In case buyers are not active in the 1.3983 area, and the growth should be quite sharp from this level, I recommend postponing long positions until the test of the 1.3927 low, from which you can buy the pound immediately on a rebound, counting on an upward correction of 25-30 points within the day... I also recommend buying GBP/USD immediately on a rebound from the 1.3884 low. To open short positions on GBP/USD, you need: The initial task of the bears is to regain control of support at 1.3983, which will not be so easy given the bull market that we are facing. Getting the pair to settle below this level and testing it on the reverse side will create a signal to open short positions in order to return to the 1.3927 area, where I recommend taking profits. The 1.3884 level is a distant target. In case GBP/USD grows in the first half of the day, it is best not to rush to sell, but wait for a false breakout in the 1.4047 area. Divergence on the MACD indicator will be another signal to sell the pound. You can open short positions immediately on a rebound from the high of 1.4117, counting on a downward correction of 25-30 points within the day. 
The Commitment of Traders (COT) reports for February 9 recorded a sharp increase in long non-commercial positions and a reduction in short ones. This led to a rather strong increase in the positive delta. Bulls are making their way to new highs on good news from UK vaccinations. Last week's UK GDP report only resulted in a larger build-up in long positions, in anticipation of a strong economic recovery in early 2021. Long non-commercial positions rose from 53,658 to 60,513. At the same time, short non-commercial positions decreased from 44,042 to 39,395, which only strengthened the bullish sentiment. As a result of this, the non-commercial net position rose to 21,118, against 9,616 a week earlier. The weekly closing price was 1.3745 against 1.3675. The fact that the bulls held their positions at such high volatility within the week once again suggests that the pair is clearly set to overcome annual highs and quickly return to the 40th figure area by this summer. I recommend betting on the pound's appreciation. As quarantine measures are lifted, which are expected to be phased out in February this year, the demand for the pound will only increase. We are expecting news about the support of the population and the labor market in the UK in March, which is also pushing the pound to growth. Indicator signals: Moving averages Trading is carried out just above the 30 and 50 moving averages, which indicates the pound's succeeding growth in the short term. Note: The period and prices of moving averages are considered by the author on the H1 chart and differs from the general definition of the classic daily moving averages on the D1 daily chart. Bollinger Bands A breakout of the upper border of the channel in the 1.4042 area will lead to a new wave of growth for the pound. A breakout of the lower boundary at 1.3983 will increase pressure on the pair. Description of indicators - Moving average (moving average, determines the current trend by smoothing out volatility and noise). Period 50. It is marked in yellow on the chart.
- Moving average (moving average, determines the current trend by smoothing out volatility and noise). Period 30. It is marked in green on the chart.
- MACD indicator (Moving Average Convergence/Divergence — convergence/divergence of moving averages) Quick EMA period 12. Slow EMA period to 26. SMA period 9
- Bollinger Bands (Bollinger Bands). Period 20
- Non-commercial speculative traders, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.
- Long non-commercial positions represent the total long open position of non-commercial traders.
- Short non-commercial positions represent the total short open position of non-commercial traders.
- Total non-commercial net position is the difference between short and long positions of non-commercial traders.
Technical analysis of GBP/USD for February 22, 2021 2021-02-22  Overview : The GBP/USD pair hit 1.4035 last weekly which represents a top price on the H1 chart. The GBP/USD pair bullish potential is intact as the pair trades near an almost 3-year high. The GBP/USD's pair up trend continued last week and hit as high as 1.4035 initial bias remains on the upside this week. On the downside, break of 1.3936 minor support (61.8% of Fibonacci retracement levels) will turn intraday bias neutral, and bring consolidations, before staging another rally. Further rally would be seen to 1.4035 resistance and above. Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in an uptrend. From this point, the GBP/USD pair is continuing in a bullish trend from the new resistance of 1.4088. About coronavirus 2019 (COVID-19), noted that the UK government will outline the exit of the current lockdown this week. The GBP/USD pair is going to continue to rise from the level of 1.3936 or 1.3874 in the long term. It should be noted that the support is established at the level of 1.3936 which represents the 61.8% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3936. So, buy above the level of 1.3936 with the first target at 1.4088 in order to test the daily resistance 1 and further to 1.4132. Also, it might be noticed that the level of 1.4132 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3836, a further decline to 1.3680 can occur which would indicate a bearish market. Trading plan for EUR/USD on February 22. Dollar to weaken amid rising bond yields. 2021-02-22 
COVID-19 incidence has declined very significantly. In fact, the number of new cases is now 2-2.5 times lower than the highs, with the most significant progress in the US, UK, and Europe. Meanwhile, vaccination is still slow around the world, except in the United States and Britain. Hence, it can be said that the decline in cases is a result of seasonal factors as well as sanitary measures. But for Israel, Pfizer's vaccine has proven to be successful. Because of this, the infection rate has dropped by about 89%. 
EUR/USD - Euro may trade upwards soon. Open longs after a break above 1.2145, then place stop loss at 1.2080. Rising government yields in the US may force the Fed to raise its monetary policy, which will accordingly lead in the drop of the dollar. Technical analysis of EUR/USD for February 22, 2021 2021-02-22  Overview : The GBP/USD pair has faced strong resistances at the levels of 1.2137 because support had become resistance last week. The GBP/USD pair has dropped sharply from the level of 1.2169 towards 1.2023. Now, the price is set at 1.2106 to act as a daily pivot point (around 1.2096). Also, the level of 1.2096 represents a weekly pivot point for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2137 towards the first support level at 1.2057 so as to test it. Therefore, the strong resistance has been already formed at the level of 1.2137 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.2137, the market will indicate a bearish opportunity below the new strong resistance level of 1.2137 (the level of 1.2137 coincides with a ratio of 78% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 1.2137 so it will be good to sell at 1.2137 with the first target of 1.2069. It will also call for a downtrend in order to continue towards 1.2023. The daily strong support is seen at 1.2023. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2190. Technical analysis for EUR/USD pair for the week of February 22-27, 2021 2021-02-22 Trend analysis The price from the level of 1.2117 (closing of the last weekly candle) may continue rising to the level of 1.2274 (blue dotted line) – a pullback level of 85.4% this week. After reaching this level, it may further move up towards the target of 1.2349 (red dotted line) – the upper fractal. 
Figure 1 (weekly chart) Comprehensive analysis: - Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - up
- Monthly chart - up
An upward movement can be concluded based on comprehensive analysis. The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without the lower shadow (Monday - up) and with an upper shadow (Friday - down) in the weekly white candlestick. The first upward target is set at the level of 1.2274 (blue dotted line) – a pullback level of 85.4%. Once this level is reached, the upward movement may possibly resume to the target of 1.2349 (red dotted line) – the upper fractal. Alternatively, the price from the level of 1.2117 (closing of the last weekly candle) may decline to the target of 1.1943 (red dotted line) – a pullback level of 38.2% and then move up to the resistance target level of 1.2066 (blue bold line). Technical analysis for GBP/USD pair for the week of February 22-27, 2021 2021-02-22 Trend analysis This week, the price from the level of 1.4005 (closing of the last weekly candle) is expected to rise to the target of 1.4285 (blue dotted line) – the historical resistance level. After testing this level, it may further extend the upward trend to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018). 
Figure 1 (weekly chart) Comprehensive analysis: - Indicator analysis - up
- Fibonacci levels - up
- Volumes - up
- Candlestick analysis - up
- Trend analysis - up
- Bollinger lines - up
- Monthly chart - up
An upward movement can be concluded based on comprehensive analysis. The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in the upward trend this week, both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) in the weekly white candlestick. The first upper target is set at 1.4285 (blue dotted line) – the historical resistance level. Once this level is tested, the price may continue rising to the target of 1.4373 – the upper fractal (weekly candle from 04/15/2018). As an alternative, the price from the level of 1.3845 (closing of the last weekly candle) may decline to the target of 1.3655 (red dotted line) – 14.6% pullback level. After testing it, the price may resume growth to the target of 1.3942 (blue dotted line) – 85.4% pullback level. Forex forecast 02/22/2021 on EUR/USD, EUR/GBP and Bitcoin from Sebastian Seliga 2021-02-22 Let's take a look at the technical picture of EUR/USD, EUR/GBP and Bitcoin at the daily time frame chart before the key data from the Eurozone are published.
Author's today's articles: Vyacheslav Ognev  Vyacheslav was born on August 24, 1971. In 1993, he graduated from Urals State University of Economics in the Russian city of Ekaterinburg holding a degree in Commerce and Economics of Trade. In 2007, he started concentrating on the Russian stock market, trading stocks on the RTS Stock Exchange and futures contracts on FORTS. Since 2008 he has been engaged in analyzing Forex market and trading currencies. He is an author of a simplified wave analysis method. He has also developed a trading strategy. At present, Vyacheslav is a co-author of training materials on two web portals dedicated to Forex trading education. Interests: fitness, F1 "Experience is the best of schoolmasters, only the school fees are heavy." - Thomas Carlyle Sebastian Seliga  Sebastian Seliga was born on 13th Oсtober 1978 in Poland. He graduated in 2005 with MA in Social Psychology. He has worked for leading financial companies in Poland where he actively traded on NYSE, AMEX and NASDAQ exchanges. Sebastian started Forex trading in 2009 and mastered Elliott Wave Principle approach to the markets by developing and implementing his own trading strategies of Forex analysis. Since 2012, he has been writing analitical reviews based on EWP for blogs and for Forex websites and forums. He has developed several on-line projects devoted to Forex trading and investments. He is interested in slow cooking, stand-up comedy, guitar playing, reading and swimming. "Every battle is won before it is ever fought", Sun Tzu Grigory Sokolov  Born 1 January, 1986. In 2008 graduated from Kiev Institute of Business and Technology with "Finance and Credit" as a major. Since 2008 has studied the behavior of various currency pairs and their correlation on Forex. In his works and trading practice he uses candlestick analysis and Fibonacci technique. Since 2009 has written analytical reviews and articles which are published on popular Internet resources. Interests: music, computers and cookery. "Out of five deadly sins of business and as a rule, the most widespread, excessive striving to get profit is the worst". P. Drucker Sergey Belyaev  Born December 1, 1955. In 1993 graduated from Air Force Engineering Academy. In September 1999 started to study Forex markets. Since 2002 has been reading lectures on the technical analysis . Is fond of research work. Created a personal trading system based on the indicator analysis. Authored the book on technical analysis "Calculation of the next candlestick". At present the next book is being prepared for publishing "Indicator Analysis of Forex Market. Trading System Encyclopedia". Has created eleven courses on indicator analysis. Uses classical indicators. Works as a public lecturer. Held numerous seminars and workshops presented at international exhibitions of financial markets industry. Is known as one of the best specialists in the Russian Federation researching indicator analysis. Maxim Magdalinin  In 2005 graduated from the Academy of the Ministry of Internal Affairs of the Republic of Belarus, law faculty. Worked as a lawyer for three years in one of the biggest country's company. Besides the trading, he develops trading systems, writes articles and analytical reviews. Works at stock and commodity markets explorations. On Forex since 2006. Mourad El Keddani  Was born in Oujda, Morocco. Currently lives in Belgium. In 2003 obtained B.S. in Experimental Sciences. In 2007 obtained a graduate diploma at Institut Marocain Specialise en Informatique Applique (IMSIA), specialty – Software Engineering Analyst. In 2007–2009 worked as teacher of computer services and trainer in a professional school specializing in computer technologies and accounting. In 2005 started Forex trading. Authored articles and analytical reviews on Forex market on Forex websites and forums. Since 2008 performs Forex market research, and develops and implements his own trading strategies of Forex analysis (especially in Forex Research & Analysis, Currency Forecast, and Recommendations and Analysis) that lies in: Numerical analysis: Probabilities, equations and techniques of applying Fibonacci levels. Classical analysis: Breakout strategy and trend indicators. Uses obtained skills to manage traders' accounts since 2009. In April 2009 was certified Financial Technician by the International Federation of Technical Analysts. Winner of several social work awards: Education Literacy and Non-Formal Education (in Literacy and Adult Education in The National Initiative for Human Development).
Languages: Arabic, English, French and Dutch.
Interests: Algorithm, Graphics, Social work, Psychology and Philosophy. Mihail Makarov  -
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A Zotova, Aleksey Almazov, Alexander Dneprovskiy, Alexandr Davidov, Alexandros Yfantis, Andrey Shevchenko, Arief Makmur, Dean Leo, Evgeny Klimov, Fedor Pavlov, Grigory Sokolov, I Belozerov, Igor Kovalyov, Irina Manzenko, Ivan Aleksandrov, l Kolesnikova, Maxim Magdalinin, Mihail Makarov, Mohamed Samy, Mourad El Keddani, Oleg Khmelevskiy, Oscar Ton, Pavel Vlasov, Petar Jacimovic, R Agafonov, S Doronina, Sebastian Seliga, Sergey Belyaev, Sergey Mityukov, Stanislav Polyanskiy, T Strelkova, Torben Melsted, V Isakov, Viktor Vasilevsky, Vladislav Tukhmenev, Vyacheslav Ognev, Yuriy Zaycev, Zhizhko Nadezhda
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