FX.co ★ Technical analysis of EUR/USD for February 19, 2018

Overview:

• The EUR/USD pair has broken resistance at the level of 1.2380, which acts as support now. So, the pair has already formed minor support at 1.2380. The strong support is seen at the level of 1.2339 because it represents the weekly support 2. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the area of 1.2380/1.2339.
• Buy above the minor support of 1.2380 with a target at 1.2555 (this price is coinciding with the double top). Also, the level of 1.2555 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 1.2380 to 1.2555 today.
• On the other hand, if the pair closes below the major support (1.2339), the price will fall into the bearish market in order to go further towards the strong support at 1.2247.

Comment:

• Also, the double bottom is seen at the level of 1.2206.
• If the trend is buoyant, then the currency pair strength will be defined as follows: EUR is in an uptrend and USD is in a downtrend.