Technical analysis Forex of EUR/USD for 28.02.2019

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EURUSD: sitting on the trend line

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On Wednesday the 27th of February, trading on the euro closed down. The bulls couldn’t make it past the sell wall at 1.1403. The euro slumped to 1.1362 against the dollar. The trend line and balance line both provided support. The drop was brought about by a sharp rise in US10Y bond yields from 2.631% to 2.6987%.

Forex EUR/USD technical analysis for 28.02.2019

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The EUR/USD pair has almost made it to the 61% Fibo retracement, but then the Bearish Engulfing candlestick pattern occurred and the market is starting to move lower. The technical support at the level of 1.1362 has been hit and the battle for the orange trend line is still continuing. In a case of another wave down, the next technical support is seen at the level of 1.1350 and then at 1.1324.

Forex EUR/USD technical analysis for 27.02.2019

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The EUR/USD pair has completed the consolidation stage and hit the 50% Fibo retracement at the level of 1.1374. After a quick test, it went even higher towards the 61% Fibo retracement located at the level of 1.1407, but failed to hit this retracement yet. The price reversed and is currently moving towards the technical support at the level of 1.3171 to test it from above. The market conditions are now overbought, so the downtrend can resume any time soon.

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