23.02.202110:19 Forex Analysis & Reviews: Technical Analysis of EUR/USD for February 23, 2021

Exchange Rates 23.02.2021 analysis

Overview :

The EUR/USD pair continues to move upwards from the level of 1.2137.

Today, the first support level is currently seen at 1.2137, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.2137, which coincides with the 78% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the EUR/USD pair to trade between 1.2137 and 1.2200.

So, the support stands at 1.2169, while daily resistance is found at 1.2200 . Therefore, the market is likely to show signs of a bullish trend around the spot of 1.2200.

In other words, buy orders are recommended above the spot of 1.2200 with the first target at the level of 1.2250; and continue towards 1.2300.

However, if the EUR/USD pair fails to break through the resistance level of 1.2200 today, the market will decline further to 1.2023.

It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.2023 and 1.2300 in coming hours.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2021
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