FX.co ★ Technical analysis on EUR/USD pair for February 2021

Trend analysis

In February, the price is expected to increase to the first target, that is, the upper fractal of 1.2349 (red dotted line) – a monthly candlestick from 01/01/2021. After breaking this level upwards, the upward movement can resume to the next upper target of 1.2553 (blue dotted line) – a monthly candle from 01/02/2018.

Figure 1 (monthly chart)

Indicator analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up

The price is likely to be in the upward trend based on comprehensive analysis.

Based on the candlestick calculation of the monthly chart of EUR/USD, the price will most likely move in the upward trend, with the first lower shadow (first week of the month – lower) in the monthly white candlestick and the second upper shadow (last week – black).

Most likely, the price will rise from the level of 1.2135 (closing of January's monthly candlestick), with the first target set at the upper fractal 1.2349 (red dotted line) – monthly candle from 01/01/2021. Once this level is broken upwards, the bullish trend will continue to the next upper target, namely the upper fractal of 1.2553 (blue dotted line) – monthly candle from 01/02/2018.

Alternatively, the price may decline from the level of 1.2135 (closing of January's monthly candlestick) to the first target of 1.1960 (white bold line) – support level.