FX.co ★ Technical analysis of EUR/USD for February 18, 2021

Technical analysis of EUR/USD for February 18, 2021

Technical analysis of EUR/USD for February 18, 2021

Overview :

The EUR/USD pair continues to move upwards from the level of 1.2044. Today, the first support level is currently seen at 1.2044, the price is moving in a bullish channel now.

The EUR/USD's pair support has found at the level of 1.2044 providing a clear signal to buy with a target seen at 1.2100.

If the trend breaks the minor resistance at 1.2100, the pair will move upwards continuing the bullish trend development to the level 1.2192 in order to test the daily resistance 2, last bullish wave, highs.

The EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.2230.

On the H1 chart. the level of 1.2044 coincides with 38.2 % of Fibonacci, which is expected to act as minor support today. Since the trend is above the 38.2 % Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 1.1954.

This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.2044 and further to the levesl of 1.2100, 1.2190 and 1.2230.

Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.2044 and 1.2230 in coming hours.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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