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.

EUR/USD technical analysis for 26.02.2019

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The EUR/USD pair keeps trading in a horizontal area located between the levels of 1.1316 - 1.1371 after a three wave bounce from the swing low at the level of 1.1234. The level os 1.1371 is so far too strong for the bulls to break through it, so plenty of candles with long upper shadows are now being made. This indicates, that the bears are active at this level and are trying to push the prices lower. Any violation of the lower boundary of the consolidation zone located at the level of 1.1316 will only make the down move faster.

EUR/USD Technical Analysis for 21.02.2019

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The EUR/USD bulls have managed to push the prices towards the level of 1.1371 which is 3 pips below the 50% Fibonacci of the previous swing down. The corrective move upwards might have been completed as the market is now in a typical zone for the correction and the Bearish Engulfing candlestick pattern has been done. This indicates the bears are defending the 50% Fibo and will try to push the prices back down again. The nearest support is seen at the level of 1.1321 and 1.1309.

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.

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