16.02.202406:42 Forex Analysis & Reviews: Trading Signals for EUR/USD on February 16-21, 2024: sell below 1.0790 (200 EMA - 1/8 Murray)

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD is trading at 1.0760 around the 200 EMA and above 0/8 Murray, showing exhaustion after yesterday's technical bounce.

On the H1 chart, we can see that the euro bounced above 1.0700, the bottom of the downtrend channel, and from that point reached the maximum level of 1.0784.

If the Euro trades below 1.0770 in the next few hours, we expect it to resume its bearish cycle and it could reach 1.0740 and even a key area of 1.0700.

Otherwise, as long as the euro trades above the 200 EMA located at 1.0770, the outlook could remain positive and we could expect the euro to reach the resistance zone of 1.0864 (2/8 Murray) in the coming days.

Above 2/8 Murray, the euro could turn down and reach the psychological level of 1.10. Below this area, the euro is likely to resume its bearish cycle.

The Eagle indicator on H1 shows that the euro has reached the overbought area. A technical correction in the euro is likely to occur in the next few hours povided that the EUR consolidates below 1.0790. Then, it could reach -1/8 Murray located at 1.0681.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.