Technical Analysis of EUR/USD for February 22, 2021

Technical Market Outlook:

The EUR/USD pair has retraced more than 61% of the last pull-back down and is slowly approaching the key short-term supply zone located between the levels of 1.2154 - 1.2178. The last attempt to break through this zone was a failure and bulls need to break if they want to continue the up trend towards 1.2284, which is the next target for them. The intraday support is seen at the level of 1.2108 and the next technical support is seen at 1.2088. Any violation of the old 61% Fibonacci retracement located at the level of 1.2035 will invalidate the bullish scenario. The weekly time frame trend is still up and intact.

Weekly Pivot Points:

WR3 - 1.2336

WR2 - 1.2251

WR1 - 1.2185

Weekly Pivot - 1.2101

WS1 - 1.2042

WS2 - 1.1960

WS3 - 1.1894

Trading Recommendations:

Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario.

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The material has been provided by InstaForex Company - www.instaforex.com

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