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23.02.202111:42 Forex Analysis & Reviews: EURUSD is facing bullish pressure, potential for further upside!

Exchange Rates 23.02.2021 analysis

Price is approaching our 1st support at 1.21277, in line with our 100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support. We could potentially see a bounce and further upside towards our 1st resistance at 1.22067, in line with our 100% Fibonacci extension and 127.2% fibonacci retracement. Price is also holding above the Ichimoku cloud and 20 EMA, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.21277

Reason for Entry:

100% Fibonacci extension level, 61.8% fibonacci retracement and horizontal pullback support

Take Profit: 1.22067

Reason for Take Profit:

100% Fibonacci extension and 127.2% fibonacci retracement

Stop Loss: 1.20981

Reason for Stop Loss:

horizontal overlap support, 50% fibonacci retracement

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

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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