U.S. Dollar Is Flat At The Start Of The Week: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

By:

Vladimir Zernov

Published: Feb 17, 2025, 16:40 GMT+00:00

Key Points:

GBP/USD attempts to settle above the resistance at 1.2600 - 1.2615.
USD/CAD remains stuck near the support level at 1.4180 - 1.4200.
USD/JPY pulled back as Japan's GDP Growth Rate report exceeded analyst expectations.

In this article:

EUR/USD

GBP/USD

USD/CAD

USD/JPY

U.S. Dollar Index Attempts To Settle Below 106.80

DXY 170225 4h Chart

U.S. Dollar Index is mostly flat in quiet trading as traders are waiting for catalysts.

U.S. Dollar Index continues its attempts to settle below the support at 106.80 – 107.00. If U.S. Dollar Index manages to settle below the 106.80 level, it will move towards the next support level, which is located in the 105.50 – 105.70 range.

EUR/USD Moved Away From Recent Highs Amid Profit-Taking

EUR/USD 170225 4h Chart

EUR/USD is losing some ground as traders take profits after the recent rebound. From the technical point of view, EUR/USD needs to settle above the resistance at 1.0515 – 1.0530 to gain additional upside momentum.

In case EUR/USD climbs above the 1.0530 level, it will head towards the next resistance level at 1.0630 – 1.0645.

GBP/USD Tests Resistance At 1.2600 – 1.2615

GBP/USD 170225 4h Chart

GBP/USD is trying to settle above the resistance at 1.2600 – 1.2615 as traders bet on the continuation of the rally.

A successful test of the resistance at 1.2600 – 1.2615 will push GBP/USD towards the next resistance level, which is located in the 1.2715 – 1.2730 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

USD/CAD Is Stuck Near The Support At 1.4180 – 1.4200

USD/CAD 170225 4h Chart

USD/CAD is mostly flat amid lack of strong catalysts. Other commodity-related currencies are moving higher in today’s trading session.

In case USD/CAD settles back above the support level at 1.4180 – 1.4200, it will move towards the 50 MA at 1.4277. A move above the 50 MA will push USD/CAD towards the resistance level at 1.4330 – 1.4350.

USD/JPY Is Losing Ground As Japan’s GDP Growth Rate Jumps To +0.7%

USD/JPY 170225 4h Chart

USD/JPY is moving lower as traders focus on the better-than-expected GDP Growth Rate report from Japan. The report showed that GDP Growth Rate was +0.7% in the fourth quarter, compared to analyst forecast of +0.3%.

If USD/JPY settles below the support level at 151.50 – 152.00, it will move towards the next support at 149.00 – 149.50.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.