| AUD/USD pair is experiencing bearish pressure 2021-02-03 The AUD/USD pair continues to experience bearish pressure, but at the same time resist the attack. Yesterday, sellers of this instrument tried to consolidate in the area of 0.75, breaking through the support level of 0.7600. However, this did not end up successfully. By the close of the US session on Tuesday, the Australian dollar returned the lost points and ended the day in almost the same positions where it started. Meanwhile, the US currency continues to exert pressure, restraining any bullish intentions. Buyers, in turn, managed to show an upward impulse, but failed to reach the peaks (daily high was located at 0.7663, low at 0.7565). As a result, both currencies gathered in a neutral zone, that is, at the base of the level of 0.76, waiting for the next information drivers. 
During today's Asian session, Reserve Bank of Australia's Governor, Philip Lowe, made a speech at Canberra. The announced event at the National Press Club was titled "Prospects for the Coming Year." Economic experts, some politicians and government representatives spoke at the forum, but the Australian dollar only reacted to Lowe's speech, although his rhetoric was secondary. The RBA already announced the main rhetoric regarding the prospects for monetary policy yesterday, during its first meeting this year. Nevertheless, some clarifying remarks deserve attention. To start off, the Central Bank's chairman ruled out the option of reducing the interest rate to the negative zone. On the one hand, markets do not consider such a scenario among the main ones before. But on the other hand, the regulator ignored this topic at yesterday's meeting. Thus, Lowe's clarification will still be important, especially in the context of the unexpected QE expansion. At the same time, other positive rhetoric can also be noted. Here, RBA's head announced that the recovery of the Australian economy began earlier and was stronger relative to the expectations of the members of the regulator. In addition, Lowe stressed that in his opinion, there is still "very significant spare capacity" in the Australian economy. He also expressed hope that the government will take new measures of financial incentives, if necessary. But along with the optimistic words, Lowe also voiced pessimistic ones. He was concerned about the weak pace of wage growth, noting also weak inflation and an uneven recovery in the labor market. In this context, the RBA Governor stressed that the interest rate will be maintained at the level of 10 basis points for as long as necessary. This is at least for several more years, until the stated goals for inflation and unemployment are achieved. At yesterday's meeting, the regulator outlined a new benchmark in this regard – 2024. The market ignored the "dovish" comments, as all this was announced yesterday after the results of RBA's February meeting. The fact that Philip Lowe ruled out the option to cut rates to the negative area allowed buyers of AUD/USD to move away from Wednesday's Asian session lows and update the local high at 0.7623. However, the weak price growth did not continue, as traders drift at the base of the 76th mark. All the above-mentioned suggests that the Australian dollar has a certain margin of safety: RBA "dovish" results and the subsequent comments of Philip Lowe did not help the AUD/USD bears to break through the level of 0.7600. As soon as the pair declined below this target, buyers were immediately attracted to them. As for the future prospects for the Australian dollar, the role of the US currency will be significant. The US dollar will serve as a drive for the growth or decline of the AUD/USD pair. Although the "Aussie" endured the attack, it still lacked strength to continue growth. In this case, greenback's dynamics will play a decisive role. 
In turn, the US dollar index is holding above the 91st mark. The growth in Treasury yields, as well as the emerging uncertainty about the prospects for the implementation of the "American Rescue Plan" (aid package to the US economy in the amount of $ 1.9 trillion) supports the US currency. The main difficulty for the resonant bill will unfold in the Senate, so the AUD/USD pair will feel some pressure in the coming days. This fact will not allow buyers of the pair to develop more or less large-scale growth, while sellers will counterattack, trying to consolidate within the level of 0.7500. Technically, the pair is on the lower line of the BB indicator in the daily time frame. The nearest support level is located at 0.7600. Judging by the attack of dollar bulls, the AUD/USD bears will test this target in the medium term. We can assume that they will most likely move to the 75th mark temporarily. Therefore, the main support level is located slightly lower – around 0.7540 (upper border of the Kumo cloud on the same time frame). Taking into account the Australian dollar's stress resistance, as well as yesterday's price dynamics, the option of opening long positions in this price area is possible. However, longs are currently risky, as the pair is dominated by bearish sentiment. EUR/USD: plan for the European session on February 3. COT reports. Bulls aim to return resistance at 1.2053. Service sector data unlikely to weigh on euro 2021-02-03 To open long positions on EUR/USD, you need: No more signals to enter the market yesterday afternoon, and only a purchase in the 1.2026 level made it possible to take around 25 points of profit. Let's take a look at the chart and break down the entry point. We could clearly see that the euro rapidly fell after the price broke through support at 1.2060, although the report on the eurozone GDP for the fourth quarter turned out to be much better than the economists' forecasts. It was not possible to open short positions in the 1.2060 area, since this level was not tested. The 1.2026 level was a good entry point for long positions, which is where I told you to buy the euro in my morning forecast. Buying immediately on the rebound made it possible for us to wait for an upward correction in the pair. Then the bears tried to surpass this area in the afternoon, but failed to stay below it. 
Quite important reports on activity in the services sector of the eurozone countries for January will be released today. In case we receive disappointing data and the euro falls once again, buyers will need to focus on protecting support at 1.2018, on which the succeeding upward correction of EUR/USD depends. The lower border of the descending channel is below this level, being able to go beyond it will only increase the pressure on the pair. A good fundamental report from the eurozone, indicating an improvement in the situation in the services sector, which is unlikely, will make it possible for a false breakout to form in the support area of 1.2018, which creates a good entry point into long positions. If buyers are not active at this level, I recommend postponing long positions until the low of 1.1986 has been tested, from where you can buy the euro immediately on a rebound, counting on an upward correction by 15-20 points, as was the case yesterday with the entry point at 1.2026. An equally important task for the bulls is to settle above resistance at 1.2053, around which the trade is now being conducted. A breakout and having the pair settle at this level along with being able to test it from top to bottom creates a good signal to buy the euro in order to reach the weekly high in the 1.2088 area, where I recommend taking profit. A distant target will be the 1.2129 level. To open short positions on EUR/USD, you need: Forming a false breakout in the resistance area of 1.2053 will be the initial task in the first half of the day. Weak data on the eurozone will certainly allow the bears to implement this scenario, which will lead to forming a signal to enter short positions with the main goal of returning to the support area of 1.2018, which bears failed to surpass yesterday. A breakout and being able to test this level from the bottom up will create a new entry point for short positions in order to sustain the downward trend, which will pull down EUR/USD to this year's new low located in the 1.1986 area, where I recommend taking profit. If, we observe an upward correction in the first half of the day, and the bears are not active in the resistance area of 1.2053, then it is best to postpone short positions until the high of 1.2088 has been tested, from where you can sell EUR/USD immediately on a rebound in order to pull it down by 15-20 points within the day. However, it is worth remembering that a disappointing report on the services sector can be a trap for speculators who will start selling the euro, and the big players will buy it. Therefore, do not be surprised if the euro starts to strengthen after bad reports. 
The Commitment of Traders (COT) report for January 26 recorded a sharp increase in long positions and a reduction in short ones. The incoming data is limiting the euro's upward potential, as is the fact that vaccinations in the euro area will proceed at a slower pace than expected. This will certainly affect the GDP for the first quarter of 2021, but it is unlikely to be able to seriously affect the medium-term prospects for the EUR/USD recovery. With each significant downward correction in the pair, the demand for the euro returns, and the lower the rate, the more attractive it will become for investors. The prospect of canceling quarantine will clearly keep the market upbeat in the future. However, the risk of extending quarantine measures in February is still a restraining factor for euro growth. The COT report indicated that long non-commercial positions rose from 236,533 to 238,099, while short non-commercial positions fell from 73,067 to 72,755. Due to continued growth in long positions, the total non-commercial net position rose to 165,344 against 163,466 a week earlier. Indicator signals: Moving averages Trading is carried out just below the 30 and 50 moving averages, which indicates pressure on the euro. Note: The period and prices of moving averages are considered by the author on the H1 hourly 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 around 1.2075 will lead to a new wave of euro growth. In case the pair falls, support will be provided by the lower border of the indicator at 1.2005. 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 3. COT reports. Bulls ready to return to annual highs, but they must surpass 1.3707 2021-02-03 To open long positions on GBP/USD, you need: Several signals to enter the market appeared yesterday. Let's sort them all out. In my morning forecast, I paid attention to short positions in the resistance area of 1.3706, provided that a false breakout was formed there, which happened. Since there weren't any significant fundamental reports, buyers of the pound did not receive support after trying to surpass resistance at 1.3706. Subsequently, the price returned to the area below this level, which resulted in forming a false breakout and a signal to open short positions in the pound during the downward correction. As a result, the downward movement brought more than 40 points of profit, as the pair quickly fell to the support area of 1.3657, where it stopped again. The breakout of the 1.3657 level was passed without a reverse test, so I missed the downward movement to the 1.3621 area. However, we managed to make money on being able to buy on a rebound from the support of 1.3621, which I recommended to do in my forecast for the US session. As a result, the correction has fully worked itself out and more than 25 points could still be taken from the market. 
Despite the high volatility, the technical picture has not changed. Pound buyers need to work hard to regain control of the market. A breakout and consolidation above resistance at 1.3707 and being able to test it from top to bottom can create a good entry point into long positions. In this case, we can expect GBP/USD to return to the area of the annual resistance of 1.3755, where I recommend taking profits. Surpassing this level would open a direct path to the highs of 1.3825 and 1.3879. We can only count on such a large growth if we receive strong fundamental data on the UK services sector, which is unlikely to show a serious recovery in January this year, especially given the lockdown. If GBP/USD is under pressure in the first half of the day, and this may happen after an unsuccessful attempt to break through the middle of the channel, then the buyers must maintain control over the 1.3657 level, which will be quite difficult to do. Forming a false breakout there generates a signal to open long positions in hopes for the pound to recover in the short term. It is possible to open long positions immediately on a rebound after testing the low of 1.3612, counting on an upward correction of 20-30 points within the day. To open short positions on GBP/USD, you need: You can act similar to yesterday. Forming a false breakout near the middle of the 1.3707 channel will weigh on the pair and lead to its succeeding decline. A more important goal is a breakout and being able to settle below support at 1.3657. A disappointing report on the services sector and the composite PMI index and being able to test this level from the bottom up can create a good signal to open new short positions in GBP/USD, for the purpose of falling to lows of 1.3612 and 1.3575, since the pair's succeeding direction will depend on it. A breakout of these ranges will pull the pound out of the horizontal channel, creating a new downward trend. If the bulls manage to recapture the 1.3707 level in the morning, then it is better not to rush with short positions. The optimal scenario for selling the pound will be the renewal of the 1.3755 high. I also recommend opening short positions immediately on a rebound in the resistance area of 1.3825, counting on a downward correction of 30-35 points within the day. 
The Commitment of Traders (COT) reports for January 26 showed an increase in both long and short positions. This time there were much more sellers, which led to a decrease in the positive delta. Apparently, the bulls' failure to rise above the annual highs still do not go unnoticed, forcing traders to raise short positions as they expect a more active downward correction from the pound. Long non-commercial positions rose from 45,904 to 47,360. At the same time, short non-commercial positions jumped from 32,199 to 39,395, which is a very tangible increase. As a result, the non-commercial net position decreased to 7,965 against 13,705 a week earlier. And although traders are trying to take a more wait-and-see position in the area of annual highs, and this is a consequence of the fact that it is very difficult for the bulls to update them, the demand for the pound will still be high. The GBP/USD pair will continue to rise as quarantine measures are lifted, which have been strengthened due to the new Covid-19 strain. Population and labor market support, which could last until the early summer of 2021, will also have a positive effect on the British pound. All the talk about negative interest rates on the part of the Bank of England has no real basis yet. The British central bank will report on this topic in the near future, which can outline the picture in more detail with the further course of interest rates. Indicator signals: Moving averages Trading is carried out in the area of 30 and 50 moving averages, which indicates the sideways nature of the market. Note: The period and prices of moving averages are considered by the author on the H1 hourly 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 around 1.3690 will lead to a new wave of growth for the pound. In case the pair falls, support will be provided by the lower border of the indicator in the 1.3625 area. 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.
Trading plan for EUR/USD on February 3. COVID-19 is retreating. Euro is to trade downwards soon. 2021-02-03 
COVID-19 is clearly retreating. Global incidence has finally dropped below 500,000, with the US recording a significant decrease in new cases, almost 3 times below the peak. Perhaps, this is due to the strict quarantine measures implemented in many countries. Or maybe this is because a high percentage of the population is already ill with the virus. 
EUR / USD - euro will trade downwards soon. Open short positions from 1.2055 to 1.2100. Set up long positions from 1.2160. But in case of an upward reversal, start trades at 1.2100. News: A report on US employment will be published today, and it will certainly affect market dynamics and sentiment. Indicator Analysis. Daily review for the EUR/USD currency pair 02/03/21 2021-02-03 Trend Analysis (Fig. 1). Today, the market will try to continue going down from the level of 1.2042 (the closing of yesterday's daily candle) in order to reach the retracement level of 50% - 1.1975 (the red dotted line). Upon reaching this level, there will be a work going down with a target of 1.1907 support line (white thin line). 
Figure 1 (daily chart). Comprehensive Analysis: - Indicator Analysis – down - Fibonacci Levels – down - Volumes – down - Candle Analysis – down - Trend Analysis – down - Bollinger Bands – down - Weekly Chart – down General Conclusion: Today, the price may continue to go down in order to reach the retracement level of 50% - 1.1975 (red dotted line). Upon reaching this level, there will be a work going down with a target of 1.1907 support line (white thin line). Alternative scenario: when moving down and reaching the lower fractal of 1.2011 (daily candle from 02/02/2021) in the future, the upper work with the target of 1.2102 - a retracement level of 74.4% (yellow dotted line). AUD/USD: Australian dollar is expected to decline 2021-02-03  Experts are confident that the current dynamics of the Australian dollar will turn into a decline. This is supported by the Reserve Bank of Australia (RBA)'s measure to curb the growth of the indicated currency. According to analysts, the Australian regulator plans to control the strength of the national currency. Yesterday, they announced a $ 100 billion expansion of its quantitative easing (QE) program, which is currently being implemented at a rapid pace – 5 billion Australian dollars per week. The term of the existing QE will expire by mid-April 2021. Thus, experts believe that the additional amount of money supply will almost completely cover the expected annual budget deficit of the country. Aside from that, the current strategy of the RBA also includes keeping the interest rate at 0.1%. The regulator is expected to keep it unchanged until 2024. However, experts emphasize that this is only likely if inflation is sufficiently low. They believe that the current rate of regulation helps to restrain the growth of the national currency. Following RBA's decision, the Australian currency temporarily declined, but then managed to overcome the negative mood. On Wednesday, the AUD/USD pair was trading nea the level of 0.7609, maintaining relative stability. Analysts argue that once the level of 0.7600 breaks down, an upward reversal is possible. If this happens, the AUD/USD pair will move down to the level of 0.7400 and below.  Experts think that the prolonged decline in commodity prices also adds pressure to the AUD. Australia's national currency has been hit by a sharp decline in the price of China's iron ore. It can be recalled that the Australian dollar is a commodity currency, and China is the main trading partner of the country. Thus, the current situation did not add positivity for the pair, instead it contributed to the weakening of its position. Nevertheless, experts consider investing in commodity currencies, in particular in AUD, can be very profitable. They note a gradual increase in demand for commodities as the global economy emerges from the coronavirus crisis. A number of analysts believe that the so-called "weak currencies policy" pursued by many states will help the global economy cope with the negative consequences of COVID-19. Experts concluded that most countries are interested in curbing the growth of national currencies, and the Australian one is no exception. Technical analysis of GBP/USD for February 03, 2021 2021-02-03  Overview : The GBP/USD pair Analysis - Reviews : The effects of Brexit and the lockdown inside the country due to the Coronavirus (COVID-19) pandemic continue to affect the GBP/USD pair. So, British pound remains under pressure against U.S. Dollar ($). But technically, intraday bias in the GBP/USD pair remains uptrend for now and further rise is still in favor with 1.3523 support intact. The GBP/USD pair managed to get above the support levels of 1.3523, 1.3568 and 1.3604. The GBP/USD pair made an attempt to develop additional upside momentum, it's trying to succeed to get above the area of 1.3523 - 1.3568. On the upside, the GBP/USD pair needs to get back above 1.3640 (pivot point) to have a chance to develop upside momentum in the near term. If the GBP/USD air settles above this level (1.3640), it will head towards the next resistance at 1.3710. A successful test of the resistance at 1.3758 will open the door to the test of the next resistance level which is located near the recent highs at 1.3810. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.3640) in the coming hours. The GBP/USD pair will demonstrate strength following a breakout of the high at 1.3640. Consequently, the market is likely to show signs of a bullish trend. Buy orders are recommended above 1.3640 with the first target at 1.3758. Then, the pair is likely to begin an ascending movement to 1.3810 mark and further to 1.3850 levels. The level of 1.3810 will act as strong resistance, and the double top is already set at 1.3758. On the downside, however, break of 1.3523 support will now suggest short term topping, on bearish divergence condition in four-hour MACD. Intraday bias will be turned back to the downside for deeper pull back. If this attempt is successful, the GBP/USD pair will move towards the next support level which is located at 1.3400. This support level has been tested during yesterday's trading session and set its strength. Additionally, the MACD starts signaling a downward trend. As a result, if the GBP/USD pair is able to break out the first support at 1.3523, the market will decline further to 1.3400 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. Hence, it will be good to sell below the level of 1.3600 with the first target at 1.3523 and further to 1.3400.  Trading recommendations for starters of EUR/USD and GBP/USD on February 3, 2021 2021-02-03 The price of the US dollar locally strengthened against the euro and the pound. There were only slight price changes, but they still led to the first drastic changes in the market for a long time. Considering the economic calendar, the focus was on the publication of the first estimate of European GDP for the fourth quarter, where the rate of economic decline accelerated from -4.3% to -5.1%. The European currency almost immediately reacted to the negative statistics, which resulted in the acceleration of the downward trend. In turn, the UK and the US did not publish any particular noteworthy data. What happened on the trading chart? The EUR/USD pair broke through the support area of 1.2050/1.2070 for the first time in a long time and headed towards the psychological level of 1.2000. The market received a signal to prolong the corrective move from the high of the medium-term trend. In order to confirm it, market participants must stay below the level of 1.2000. The GBP/USD pair also showed a downward activity yesterday, hitting the support level of 1.3650 locally. However, the quote still returned above the key level at the end of the day. 
Trading recommendations on EUR/USD and GBP/USD for February 3, 2021 Today, the main focus is on Europe's inflation data, whose rate is expected to enter the positive zone for the first time in five months of deflation. Thus, inflation may rise from -0.3% to 0.5%, which is the largest change in recent years. Once the expectations are confirmed, the euro may receive an impulse to locally rise. 10:00 Universal time - EU inflation During the US trading session, the ADP report on the employment level in the United States will be published, where they predict growth for January by 49 thousand, which is quite good. 13:15 Universal time - US ADP report If we analyze the current trading chart of EUR/USD, it can be seen that the quote left the psychological level of 1.2000 and returned to the level of 1.2050. Now, much will rely on speculative interest, since in terms of fundamental analysis, positive data on European inflation can push the quote up. At the same time, the extension of the correction can still be implemented in the market. Based on the data, two main trading ideas are worth noting: The first one considers the prolongation of the correction course. But in this case, the quote must stay lower than 1.2000 within the H4 time frame, which will open the way towards the level of 1.1810. Second is to move on positive inflation data, where holding the price above the level of 1.2050 may open a local movement towards 1.2150. 
As for the current trading chart of GBP/USD, it can be noticed that the quote is still trying to break through the pivot point of 1.3650, periodically hitting it with shadows. There is a potential for a decline in the market, so we continue to monitor the price holding below this coordinate for a four-hour period, to confirm the sell signal. However, if all attempts to break the pivot point did not work out, then the method of moving on a rebound will still be relevant in the market. 
Elliott wave analysis of EUR/JPY for February 3, 2021 2021-02-03 
EUR/JPY was rejected from the key-resistance at 127.03 indicating a correction to 125.92 before renewed upside pressure towards 127.03 and above here will call for a continuation higher towards 129.24 and ideally closer to the next major upside target at 135.46. Short-term we see support at 125.92 and key-support at 125.56, which need to act as a floor or a second dip to 125.06 should be expected before the next rally is seen. R3: 128.25 R2: 127.72 R1: 127.03 Pivot: 126.58 S1: 125.92 S2: 125.56 S3: 125.24 Trading recommendation: We are long EUR from 125.85 with our stop placed at 125.50 Elliott wave analysis of GBP/JPY for February 3, 2021 2021-02-03 
We have seen the expected consolidation just below the 144.10 and we should expect this consolidation to continue a little longer and look for a dip closer to minor support at 142.92 before the next push higher towards 147.96 and ultimately a lot higher. Short-term we see support at 142.92 with key support at 142.20. The late should be able to act as a floor for the next strong push higher through the former peak at 144.10 towards 147.96 R3: 145.61 R2: 144.96 R1: 144.10 Pivot: 143.65 S1: 143.00 S2: 142.92 S3: 142.65 Trading recommendation: We are long GBP from 142.27 with our stop placed at 142.15 Indicator Analysis. Daily review for for the GBP/USD currency pair 02/03/21 2021-02-03 Yesterday, the pair moved in a sideway channel, tested the resistance line of 1.3670 (the red bold line) and closed the daily candle at 1.3664. Today, the price will try to continue going down according to the economic calendar news, it is expected at 9.30 UTC (pound) and 13.15, 15.00, 15.30 Moscow time (dollar). Trend Analysis (Fig. 1). Today, the market will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be a further downward movement with the target of 1.3519, another lower fractal (daily candle from 01/18/2021). 
Figure 1 (daily chart). Comprehensive Analysis: - Indicator Analysis – down - Fibonacci Levels – down - Volumes – down - Candle Analysis – down - Trend Analysis – down - Bollinger Bands – down - Weekly Chart – down General Conclusion: Today, the price will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be a further downward movement with the target of 1.3519, another lower fractal (daily candle from 01/18/2021). Alternative scenario: the price will try to continue going down from the level of 1.3664 (the closing of yesterday's daily candle) in order to reach the lower fractal of 13610 (the daily candle from 02/02/2021). In case of testing this level, there will be further work going up with the target of 1.3682 resistance line (red bold line). Technical analysis of EUR/USD for February 03, 2021 2021-02-03  Overview : - Pair : EUR/USD.
- Pivot : 1.2080.
- Prediction : Downtrend - bearish market.
The EUR/USD pair tries to rebound from the region of 1.2080 and 1.2101. The EUR/USD pair has recently managed to get below the daily pivot point at the 100 EMA at 1.2080 (38.2% of Fibonacci retracement levels). The EUR/USD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2080 and 1.2101 levels on the one-hour chart. At the same times frame, the EUR/USD pair touches down to 1.2012 level of support which formes a bottom. Yesterday, the euro currency lastly fell to the support level of 1.2012, testing the level more firmly. The EUR/USD pair continues to move downwards from the level of 1.2054. Yesterday, the pair dropped from the level of 1.2080 (this level of 1.2080 coincides with the double top, pivot point) to the bottom around 1.2012. Today, the first resistance level is seen at 1.2080 followed by 1.2154 (the weekly pivot point), while daily support 1 is found at 1.1985. The nearest resistance level for the EUR/USD pair is located near the 100 EMA at 1.2080. If the EUR/USD pair declines below this level, it will gain downside momentum and move towards the next support level at 1.1985. The 100 EMA is located near 1.2080; for that the EUR/USD pair will likely get significant resistance at this level. Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.2080ctowards the first support level at 1.1985in order to test it. If the pair succeeds to pass through the level of 1.1985, the market will indicate a bearish opportunity below the level of 1.1960. However, if a breakout happens at the resistance level of 1.2190, then this scenario may be invalidated. Conclusion : On the H1 chart. the level of 1.2080 coincides with 38.2% of Fibonacci, which is expected to act as minor support today. Since the trend is below the 38.2% Fibonacci level, the market is still in a downtrend. Thus, the market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside (1.2080). The price spot of 1.2080 remains a significant resistance zone. Hence, the trend is still bearish as long as the level of 1.2080 is not breached. Signal : Current price sets at 1.2030. If the EUR/USD pair is able to break out the bottom at 1.2012, the market will decline further to 1.1960 in order to test the daily support 2. Technical Analysis of GBP/USD for February 3, 2021 2021-02-03 Technical Market Outlook: The bearish pressure on GBP/USD has increased and the market has broke below the short-term trend line support seen around the level of 1.3675. The local low was made at the level of 1.3610, so the next target for them is the intraday technical support located at the level of 1.3609. The market is coming off the overbought conditions and the momentum is weak and negative, pointing down. The key mid - term technical support is seen at the level of 1.3428, but please pay attention to any breakout below the trend line support around the level of 1.350 first. This might be the first indication of a potential move lower. Weekly Pivot Points: WR3 - 1.4011 WR2 - 1.3877 WR1 - 1.3788 Weekly Pivot - 1.3646 WS1 - 1.3564 WS2 - 1.3416 WS3 - 1.3342 Trading Recommendations: The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3744 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. 
Technical Analysis of EUR/USD for February 3, 2021 2021-02-03 Technical Market Outlook: The EUR/USD pair has made another local low at the level of 1.2011 as the bears are in control of the market. The new intraday technical support is seen at the level of 1.2000 and the intraday technical resistance is located at 1.2053 and 1.2060. The momentum is weak and negative, together with the current market conditions, so the next target for bears is seen at the level of 1.2000 or below at 1.1965. This is the key short-term technical support for bulls. Violation of this level will have the real consequences for bulls. Weekly Pivot Points: WR3 - 1.2318 WR2 - 1.2247 WR1 - 1.2192 Weekly Pivot - 1.2115 WS1 - 1.2070 WS2 - 1.2000 WS3 - 1.1940 Trading Recommendations: Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario. 
Forex forecast 02/03/2021 on USD/CHF, EUR/USD and Crude Oil from Sebastian Seliga 2021-02-03 Let's take a look at the technical picture of USD/CHF, EUR/USD and Crude Oil on the daily and weekly time frame chart.
Author's today's articles: Irina Manzenko  Irina Manzenko 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. Mihail Makarov  - 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. l Kolesnikova  text 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. Vladislav Tukhmenev  Vladislav graduated from Moscow State University of Technologiy and Management. He entered the forex market in early 2008. Vladislav is a professional trader, analyst, and manager. He applies a whole gamut of analysis – technical, graphical, mathematical, fundamental, and candlestick analysis. Moreover, he forecasts the market movements using his own methods based on the chaos theory. Vladimir took part in development of trading systems devoted to fractal analysis. In his free time, Vladimir blogs about exchange markets. Hobbies: active leisure, sporting shooting, cars, design, and marketing. "I do not dream only of becoming the best in my field. I also dream about those who I will take with me along the way up." Torben Melsted  Born in November 1962. Graduated from CBS, got Diploma in Finance. Began trading on Forex in 1986 and since that time held various positions such as advising clients, hedging client flows on FX and commodity markets. Also worked for major corporations as Financial Risk Manager. Uses Elliott wave analysis in combination with classic technical analysis, and has been using a Calmar Ratio of 5.0 for over 3 years. Has his own blog, where he uses Elliott wave and technical analysis on all financial markets. 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
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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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