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26.02.202118:07 Forex Analysis & Reviews: February 26, 2021 : EUR/USD daily technical review and trade recommendations.

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.

Exchange Rates 26.02.2021 analysis

The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before the current downside reversal was initiated.

Bearish closure below the mentioned price zone around 1.2250 enabled a quick downside decline towards 1.2170 which corresponded to a previous congestion zone as well as a prominent key-zone.

Persistence below the price level of 1.2170 has turned the intermediate outlook for the pair into bearish and enhanced further downside decline towards 1.2080, 1.1990 and 1.1950.

However, Recent Buying Pressure existed around 1.1950, leading to the current quick upside spike above 1.1990 again.

Buying pressure was applied on the pair. That's why, the RECENT upside movement extended towards the resistance level around 1.2175 which failed to offer sufficient downside pressure on the pair.

Hence, another upside movement was expressed towards 1.2250 where significant SELLING Pressure was found.

Trade Recommendations:

Conservative traders were advised to look for a valid SELL Position anywhere around the Resistance Level of (1.2250). It's already running in profits.

Stop Loss should be lowered to 1.2175 to secure some profits, while next T/P levels to be located around 1.2050 and 1.1990.

Mohamed Samy
Analytical expert of InstaForex
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