empty
 
 
20.02.2017 09:30 AM
Technical analysis of EUR/USD for February 20, 2017
This image is no longer relevant

Overview:

  • The EUR/USD pair continues to move downwards from the level of 1.0723.
  • The pair dropped from the level of 1.0723 (this level of 1.0723 coincides with the ratio of 78.6% Fibonacci retracement) to the bottom around 1.0641.
  • This week, the first resistance level is seen at 1.0723 followed by 1.0828 (the double top), while daily support 1 is found at 1.0583.
  • Also, the level of 1.0641 represents a weekly pivot point for that it is acting as a major level this week. Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.0723 towards the first key level at 1.0641 in order to test it.
  • If the pair succeeds to pass through the level of 1.0641, the market will indicate a bearish opportunity below the level of 1.0641 with the targets of 1.0583 and 1.0526.
  • On the other hand, if a breakout happens at the resistance level of 1.0723, then this scenario may be invalidated.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback