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

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.