Technical analysis Forex of EUR/USD for 20.02.2019

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EURUSD: new upwards channel forming

On Tuesday the 19th of February, trading on the EURUSD pair started from 1.1310. It dropped to 1.1275 by midday before undergoing a sharp upwards reversal to reach our target of 1.1341. It then pressed on to hit 1.1355 before retreating to close the day below the newly broken resistance. The level to which the pair corrected (1.1341) is, first of all, the intraday high from the 13th of February, and secondly, it coincides with the 38.2% Fibonacci level of the decline from 1.1514 to 1.1233.

EUR/USD technical analysis for 20.02.2019

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The EUR/USD bulls have managed to break through the technical resistance zone between the levels of 1.1321 - 1.1342 and the price has made a new local high at the level of 1.1357. Currently, the bears are testing the breakout from above (the level of 1.1341 and due to the overbought market conditions the bears might extend the pull-back lower towards the level of 1.1330 and 1.1324. Despite the positive momentum, the short-term outlook remains bearish and any spikes up are being considered as an upwards corrections in a downtrend.

Technical analysis Forex of EUR/USD for 19.02.2019

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EURUSD: trend may reverse upwards in a couple of weeks

On Monday, trading on the EURUSD pair closed up by a decent amount. By close, the euro had appreciated by 0.11% to finish the day at 1.1308. The single currency has started the week by attempting to reverse the downtrend started at the beginning of February. The euro has lost 1.2% against the dollar since the beginning of the month. We could see this trend reverse in the coming weeks, and the euro may rise as far as 1.1340.

Technical analysis Forex of EUR/USD for 18.02.2019

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EURUSD: growth target at the 1.1341 resistance

In the first half of Friday’s trading, the EURUSD pair continued its decline within the downwards channel with a drop from 1.1294 to 1.1234 to revisit the low from the 13th of November of last year. However, the pair underwent a sharp reversal ahead of the US session, and went on to climb to 1.1308, breaking through the upper boundary of the downwards channel that has been dictating this pair’s trajectory since the end of January. The pair then closed the week at 1.1292.

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