14.02.202306:14 Forex Analysis & Reviews: Trading plan for EURUSD on February 14, 2023

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Technical outlook:

EURUSD might be pulling back towards the 1.0800-50 area before turning lower again. The single currency pair is seen to be trading close to 1.0735 at this point in writing as the bulls prepare to push further. Prices have carved an Engulfing Bullish candlestick pattern on the daily chart indicating a potential short-term counter-trend rally in the near term.

EURUSD is facing intraday resistance at 1.0800 and up to 1.0880 as the bears remain inclined to come back in control. The downside potential is seen through 1.0500 and 1.0100 as marked on the daily chat here (Red). Also, note that the Fibonacci 0.618 retracement of the entire rally between 0.9535 and 1.1025 is passing through 1.0100, hence a high probability remains for a bullish reversal.

EURUSD faces resistance at 1.1025; while support comes in around 1.0481 as seen on the chart here. A break below 1.0481 will confirm further downside potential and open the door towards 1.0100. A continued break below 0.9860 will confirm that the larger-degree trend has turned lower and prices could drop below 0.9535.

Trading idea:

Potential bearish move against 1.1025

Good luck!

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