For Traders

Analytical Reviews

Technical analysis

20.02.202023:43 Forex Analysis & Reviews: EURUSD is approaching our weekly target area

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.

EURUSD remains in a bearish trend making lower lows and lower highs. Price has broken below 1.08 is now approaching our target area of 1.0750-1.07 as we pointed out in our weekly analysis back in February 12th.

Red lines- wedge pattern

The Daily RSI is finally at oversold levels. Price is falling sharply without any considerable bounce since the beginning of February. Price is expected to bounce but our target of 1.0750-1.07 remains intact and I believe we are going to touch the lower wedge boundary at least. If bulls manage to push above 1.0840 then we could see a bigger bounce unfold.

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.