Fractal analysis of major currency pairs on February 15

Outlook on February 15:

Analytical review of popular currency pairs on the hourly chart:

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The key levels for the EUR/USD pair are 1.2219, 1.2197, 1.2166, 1.2112, 1.2094, 1.2068 and 1.2053. The price has been moving in the upward trend since February 5. Thus, we expect it to break through the level of 1.2166, which will allow us to further rise to the level of 1.2197. The potential growth target is seen at 1.2219. If the price reaches this level, it may consolidate. After that, a downward pullback will be possible.

A short-term decline, in turn, is expected in the range of 1.2112 - 1.2094. If the level of 1.2094 is broken, a deep correction will occur. The target is set at 1.2068. The key upward support is in the range of 1.2068 - 1.2053.

The main trend is the upward trend from February 5.

Trading recommendations:

Buy: 1.2168 Take profit: 1.2195

Buy: 1.2198 Take profit: 1.2219

Sell: 1.2112 Take profit: 1.2095

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The key levels for the GBP/USD pair are 1.4037, 1.3998. 1.3971, 1.3909, 1.3880, 1.3837, 1.3801 and 1.3747. The price has been rising since February 4. This growth will continue after the price breaks through the noise range of 1.3880 - 1.3909. In such a case, the target will be seen at 1.3971. A short-term upward movement and consolidation is in the range of 1.3971 - 1.3998. The upward target is set at 1.4037. If the price reaches this level, it may consolidate and a downward pullback may occur.

Meanwhile, a short-term decline is expected in the range of 1.3837 - 1.380. Once the last value is broken, a deep correction will occur. The target is set at 1.3747, which is also a key upward support level.

The main trend is the upward trend from February 4.

Trading recommendations:

Buy: 1.3910 Take profit: 1.3970

Buy: 1.3998 Take profit: 1.4036

Sell: 1.3836 Take profit: 1.3802

Sell: 1.3798 Take profit: 1.3750

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The key levels for the USD/CHF pair are 0.8961, 0.8938, 0.8921, 0.8900, 0.8886, 0.8859, 0.8846 and 0.8827. The price has been moving in a downward trend since February 5. In this case, we expect the trend to resume if the price breaks through the range of 0.8900 - 0.8886. The target is set at 0.8859 in the range 0.8859 - 0.8846. A potential downward target is seen at 0.8827. If the price reaches this level, it is likely to consolidate and pull back upwards.

On another note, a short-term growth is expected in the range of 0.8921 - 0.8938. Once the last value breaks down, a deeper correction will occur. In such a case, the target is seen at 0.8960, which is also the key downward support level.

The main trend is the downward trend from February 5.

Trading recommendations:

Buy: 0.8921 Take profit: 0.8936

Buy: 0.8940 Take profit: 0.8960

Sell: 0.8885 Take profit: 0.8860

Sell: 0.8844 Take profit: 0.8828

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The key levels for the USD/JPY are 105.45, 105.25, 105.09, 104.75, 104.58, 104.25 and 103.91. The price, which is currently in a correction, has been moving in a medium-term downward trend since February 5. Now, we expect a short-term growth in the range of 105.09 - 105.25. If the last value is broken, a deep correction will occur. The target is set at 105.45, which is an upward key support level.

A short-term decline is expected in the range of 104.75 - 104.58. If the last value is broken, the downward trend will develop. In such a case, the first target is seen at 104.25. The next potential downward target is the level of 103.91.

The main trend is the downward trend from February 5.

Trading recommendations:

Buy: 105.10 Take profit: 105.25

Buy: 105.27 Take profit: 105.45

Sell: 104.75 Take profit: 104.60

Sell: 104.55 Take profit: 104.27

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The key levels for the USD/CAD pair are 1.2891, 1.2851, 1.2822, 1.2783, 1.2749, 1.2683, 1.2650 and 1.2589. The price is moving in a downward trend since January 28. Thus, we expect a short-term decline in the range of 1.2683 - 1.2650. If the 1.2650 level breaks down, the downward trend will continue. In such a case, the first potential target is set at 1.2589.

The upward movement, on the contrary, is expected after the level of 1.2749 is broken. The first target is set 1.2783 and its breakdown will lead the price to the level of 1.2822. There is a short-term upward movement and consolidation in the range of 1.2822 - 1.2851. The potential upward target is 1.2891. After the price reaches this level, it may consolidate.

The main trend is the downward trend from January 28.

Trading recommendations:

Buy: 1.2749 Take profit: 1.2780

Buy: 1.2783 Take profit: 1.2822

Sell: 1.2681 Take profit: 1.2652

Sell: 1.2648 Take profit: 1.2590

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The key levels for the AUD/USD pair are 0.7882, 0.7865, 0.7841, 0.7824, 0.7784, 0.7751, 0.7729, 0.7702 and 0.7683. The price has been moving in an upward trend since February 2. This trend will continue if the price moves to the level of 0.7824 and consolidates in the range of 0.7824 - 0.7841. The breakdown of the last value will lead to a stronger upward trend, with the target set at 0.7882. The price may consolidate and pullback downwards near this level.

A short-term decline is possible in the range of 0.7751 - 0.7729. If the last value is broken, a deep correction will occur. The target is set at 0.7702. The key support level is in the range of 0.7702 - 0.7683.

The main trend is the upward trend from February 2.

Trading recommendations:

Buy: 0.7785 Take profit: 0.7824

Buy: 0.7841 Take profit: 0.7865

Sell: 0.7750 Take profit: 0.7730

Sell: 0.7727 Take profit: 0.7702

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The key levels for the EUR/JPY pair are 128.09, 127.82, 127.56, 127.23, 127.03, 126.70, 126.48 and 126.04. The price has been moving in an upward trend since February 4. Therefore, we expect it to extend if it breaks through the level of 127.56. In such a case, the target is seen at 127.82. The potential upward target is 128.09. If the price reaches the target, it will possibly pull back down.

A short-term decline is possible in the range of 127.23 - 127.03. Once the last value is broken, a deep correction will follow. The target is located at 126.70. The upward key support level is in the 126.70 - 126.48 range.

The main trend is the upward trend from February 4.

Trading recommendations:

Buy: 127.57 Take profit: 127.80

Buy: 127.83 Take profit: 128.07

Sell: 127.23 Take profit: 127.04

Sell: 127.01 Take profit: 126.70

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The key levels for the GBP/JPY pair are 147.96, 147.19, 146.81, 146.32, 145.66, 145.24 and 144.71. The price has been moving in an upward trend since February 4. This trend will extend if the price breaks through the level of 146.32. In such a case, the target is 146.81. Meanwhile, there is a short-term growth and consolidation in the range of 146.81 - 147.19. The potential upward target is 147.96. If the price reaches this level, it may pull back down.

In turn, a short-term decline is expected in the range of 145.66 - 145.24. If the last value is broken, a deep correction will occur. The target is set 144.71, which is also the key upward support level.

The main trend is the upward trend from January 18, the local upward trend from February 4.

Trading recommendations:

Buy: 146.32 Take profit: 146.81

Buy: 147.20 Take profit: 147.96

Sell: 145.66 Take profit: 145.25

Sell: 145.23 Take profit: 144.71

The material has been provided by InstaForex Company - www.instaforex.com

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