The past trading week was marked by heightened volatility across global markets, driven by shifting risk sentiment, uneven macroeconomic data, and profit-taking after strong January moves. Currency pairs traded without a clear directional trend, commodities experienced sharp intraday swings, and cryptocurrencies remained under pressure following a deep correction from recent highs. By the end of trading on Friday, February 06, EUR/USD closed near 1.1817, Brent crude oil settled around $68.05 per barrel, gold (XAU/USD) finished the week at $4,976.80, while bitcoin (BTC/USD) is trading near 68,086 as of Saturday, February 07. Market participants enter the new week focused on key technical levels and the sustainability of recent rebounds.
EUR/USD
The EUR/USD pair remains within a consolidation range near 1.18, attempting to stabilise after uneven price action seen earlier in the month. The pair is trading close to key support levels, while technical indicators suggest a lack of strong directional momentum.
In the coming week, EUR/USD may attempt a decline toward the 1.1740–1.1765 support area. If buyers defend this zone, an upward rebound and renewed growth toward 1.1900–1.1950 are possible. A break above 1.1875 would confirm bullish momentum and open the way toward the upper boundary of the medium-term range.
A confident breakout below 1.1680 would cancel the bullish scenario and indicate a continuation of the decline toward 1.1600–1.1540.
Baseline view: cautiously bullish while EUR/USD holds above 1.1765.
Bitcoin (BTC/USD)
Bitcoin is trading near 68,086, remaining under pressure after a sharp correction from recent highs. Despite short-term rebounds, the overall structure still reflects fragile market sentiment, with sellers active near resistance levels.
During the upcoming week, BTC/USD may attempt a corrective rise toward the 71,000–73,000 resistance zone. A rebound from this area could trigger a renewed decline, with downside targets near 65,000–62,500. Sustained trading below 70,000 keeps bearish risks elevated.
A breakout and consolidation above 75,000–77,000 would cancel the bearish scenario and signal renewed growth toward 80,000–83,500.
Baseline view: neutral-to-bearish while BTC/USD remains below 73,000.
Brent Crude Oil
Brent crude oil prices ended the week near $68.05 per barrel and continue to trade within a descending price channel. Despite attempts to stabilise, the overall trend remains bearish, supported by downward-sloping moving averages.
In the upcoming week, Brent may attempt a corrective rebound toward the $69.50–70.80 resistance area. From this zone, a downward reversal and a continuation of the decline toward $64.80–63.50 are possible.
A breakout above $72.00 would invalidate the bearish scenario and indicate a recovery toward $75.00–77.00.
Baseline view: bearish while Brent remains below $70.80–72.00.
Gold (XAU/USD)
Gold closed the trading week at $4,976.80, maintaining a wide trading range amid heightened market volatility. Despite recent corrections, the broader technical structure remains bullish, with long-term trends still favouring buyers.
In the coming week, XAU/USD may attempt a corrective pullback toward the $4,770–4,680 support area. From this zone, an upward rebound and renewed growth toward $5,150–5,205 are expected.
A confident breakout below $4,680 would cancel the bullish scenario and indicate a deeper correction toward $4,550–4,500.
Baseline view: bullish while gold holds above $4,770.
Summary
The second week of February may remain volatile as markets continue to adjust after sharp recent moves. EUR/USD is likely to stay range-bound unless a clear break from key support or resistance occurs. Bitcoin remains vulnerable below major resistance zones, while Brent crude oil continues to face downward pressure within a broader bearish trend. Gold retains a bullish bias, provided key support levels remain intact.
NordFX Analytical Group
Disclaimer: These materials are not an investment recommendation or a guide for working on financial markets and are for informational purposes only. Trading on financial markets is risky and can lead to a complete loss of deposited funds.
