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22.02.201908:56 Forex Analysis & Reviews: Technical analysis for EUR/USD for February 22, 2019

Long-term review

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EUR/USD is trading inside a short-term bullish channel. Price is trading between the 38% and 50% Fibonacci retracement levels and could provide a higher high towards the 61.8% level early next week.

Red line - major trend line resistance

Green line - support trend line

Black line - RSI support trend line

Blue rectangle - support/resistance area

EUR/USD has started making higher highs and higher lows as expected from 1.1270 after touching the green trend line. The bullish RSI divergence has been confirmed with price bouncing towards 1.1370. As long as the RSI is trading above the black trend line support, we could expect a move closer to the red downward sloping trend line. Our most probable target remains at 1.14 area. However, I continue to consider this bounce as a selling opportunity as long as we trade below 1.15.

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