05.02.201810:48 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 05, 2018

Overview:

• The weekly pivot is seen at the level of 1.2469. The EUR/USD pair rose from the level of 1.2414 towards 1.2469. Now, the current price is set at 1.2443. On the H1 chart, the resistance is seen at the levels of 1.2500 and 1.2538. Besides, the weekly support 1 is seen at the level of 0.9831. Today, the EUR/USD pair is continuing to move in a bullish trend from the new support level of 1.2414, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2414 and 1.2538. Therefore, buy above the level of 1.2440 (the current price) with the first target at 1.2500 in order to test the daily resistance 1 and further to 1.2538 (double top). Nevertheless, if the pair fails to pass through the level of 1.2414, the market will indicate a bearish opportunity below the level of 1.2414. The market will decline further to 1.2338 in order to return to the double bottom. Additionally, a breakout of that target will move the pair further downwards to 1.2338. However, the market is still in an uptrend. We still prefer the bullish scenario.