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16.02.202109:26 Forex Analysis & Reviews: Technical Analysis of EUR/USD for February 16, 2021

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.

Technical Market Outlook:

The EUR/USD pair has tested the short-term trend line support from above and bounced back up again towards the level of 1.2151, which is a 50% Fibonacci retracement of the last wave down. The market tried to break through this level, but failed so far. The next target for bulls is seen at the level of 1.2154 - 1.2178 zone. The immediate technical support is located at the level of 1.2088 and only if this level is violated, the bears will retrace more. On the other hand, if the level of 1.2175 is clearly violated, then the next target for bulls is seen at 1.2284 level. Please notice the overbought market conditions on the H4 time frame chart.

Weekly Pivot Points:

WR3 - 1.2312

WR2 - 1.2233

WR1 - 1.2184

Weekly Pivot - 1.2097

WS1 - 1.2056

WS2 - 1.1971

WS3 - 1.1920

Trading Recommendations:

Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario.

Exchange Rates 16.02.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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