In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the February 22nd session.
EUR/USD — The trading session was initially bullish, but then the 1.2150 level offered resistance to form a shooting star candlestick, as you can see on the daily chart. Now, it looks like this market is stuck in this little consolidation range. The 1.23 level is significant resistance. The 1.19 level below is strong support. The higher interest rates in the US is driving the value of the US dollar at the moment. On the other hand, the lockdown in the eurozone due to the coronavirus situation is not helping the euro. You can see a lot of
GBP/USD — The 1.40 level is seen as psychological resistance and the market just closed below it. This shows that a pullback is coming into this market. This market looks overbought at the moment and the 1.3750 level could be tested for support. A candle close above the 1.40 level is very significant and the 1.42 level could be the next target to the upside.