EUR/USD, EUR/GBP and GBP/USD mixed as war in Ukraine rages on
EUR/USD and GBP/USD try to recover while EUR/GBP stays side-lined amid ongoing crisis in Eastern Europe.
EUR/USD stays above key support, awaiting Russia-Ukraine developments
EUR/USD remains above the May 2019, January and current February lows at $1.1122 to $1.1106 despite the ongoing crisis in Ukraine. While this support zone continues to hold, the early January and mid-February lows at $1.1272 to $1.128 may be revisited.
Provided that the cross remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1302 to $1.1324, the February downtrend is intact. A drop trough $1.1106 would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being targeted.
EUR/GBP side-lined amid ongoing geo-political turmoil
Last week, EUR/GBP touched and then rallied from major support, containing the January and early-February lows at £0.8305 to £0.8286, to £0.8408 before slipping back as Russia attacked Ukraine.
Further sideways trading between these two extremes is to be seen in the days to come. Minor resistance can be spotted along the 55-day SMA at £0.8386 as well as at Friday’s high at £0.8408 with the 11 January low at £0.8324 offering minor support.
GBP/USD continues to recover from last week’s two-month low
GBP/USD continues to gradually recover from last week’s sharp sell-off to $1.3273 in the wake of the Russian invasion of Ukraine. As long as yesterday’s low at $1.3342 holds, the mid-February low and 55-day SMA at $1.3487 to $1.3504 should be in focus but may cap.
Further up the 2021 to 2022 downtrend line, current February high and 200-day SMA can be spotted at $1.3643 to $1.3666. Only a currently unexpected fall through last week’s $1.3273 low, would put the December trough at $1.3163 back on the map.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Start trading forex today
Find opportunity on the world’s most-traded – and most-volatile – financial market.
- Trade spreads from just 0.6 points on EUR/USD
- Analyse with clear, fast charts
- Speculate wherever you are with our intuitive mobile apps
See an FX opportunity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See an FX opportunity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from just 0.6 points on popular pairs
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See an FX opportunity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
