05.02.202109:41 Forex Analysis & Reviews: Technical Analysis of EUR/USD for February 5, 2021

Technical Market Outlook:

The EUR/USD pair has made another local low at the level of 1.1952 as the bears are in control of the market. All the previous bounces were very shallow and after a failure to break back above the level of 1.2053 - 1.2060 the market went straight down. The new intraday technical support is seen at the level of 1.1965 and the intraday technical resistance is located at 1.2000. The momentum is weak and negative, together with the oversold current market conditions, so the next target for bears is seen at the level of 1.1914. This is the technical support for bulls, so violation of it would result in a deeper correction towards the level of 1.1888 (61% Fibonacci retracement of the last wave up).

Weekly Pivot Points:

WR3 - 1.2318

WR2 - 1.2247

WR1 - 1.2192

Weekly Pivot - 1.2115

WS1 - 1.2070

WS2 - 1.2000

WS3 - 1.1940

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.