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Technical analysis

Exchange Rates 21.02.2020 analysis

EUR/USD has been trading upwards, exactly what I predicted yesterday. EUR did reach our first upward target at the price of 1.0855 and its heading towards the second at 1.0887 and third at 1.0924. Main reason for this rally was breakout of the downward channel in combination with bullish divergence on MACD oscillator.

I would still watch for buying but on the dips. Watch for eventual bull flag pattern on hourly of 4H time-frame to confirm further upside continuation.

MACD oscillator is showing increased momentum on the upside.

Resistance levels are set at the price of 1.855, 1.0887 and 1.0924

Major support level is set at 1.0777

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

Performed by Petar Jacimovic,
Analytical expert
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