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23.02.202115:16 Forex Analysis & Reviews: Trading Signal for EUR/USD for February 23 - 24, 2021: Sell Below 1.2176

Exchange Rates 23.02.2021 analysis

The EUR / USD pair yesterday was trading above the 1.2150 area, but it ran into the strong resistance of 1.2176 level where several days ago the price of the EUR / USD has been difficult to stay above that area.

In the 4-hour chart, we have drawn a yellow line that draws the resistance zone that the EU / USD pair has, if the pair remains below this level we expect a correction to the zone of 1.2085.

The 1.2176 zone has once again proven to be a strong resistance to bullish aspirations in EUR / USD. This zone of multi-week highs thus becomes the last defense for a bullish momentum to the 1.2207 and 1.2350 zone.

In case the selling sentiment recovers ground, we could initially see a correction towards the 3/8 of murray in 1.2085, in this area is the line of the uptrend channel, once that channel is broken, it could reach the minimum of the past week near 1.2020 prior to psychological support at 1.2000.

Our recommendations to sell at current price levels with targets at 1.2085.

Support And Resistance Levels For February 23 - 24, 2021

Resistance (1) 1.2182

Resistance (2) 1.2214

Resistance (3) 1.2261

Support (1) 1.2102

Support (2) 1.2058

Support (3) 1.2026

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Trading tip for EUR/USD for February 23 - 24, 2021

Sell below 1.2151 with take profit at 1.2105 and 1.2085(3/8), stop loss above 1.2185.

Sell if pullback at 1.2176 (strong resistance) with take profit at 1.2125 and 1.2085, stop loss above 1.2207.

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

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
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