empty
 
 
25.02.2021 07:48 AM
Technical Analysis of EUR/USD for February 25, 2021

Technical Market Outlook:

The EUR/USD pair had made a new local high at the level of 1.2182 (at the time of writing the article) as the bulls are pushing higher to break out from the narrow range seen between the levels of 1.2135 - 1.2166. The last attempt to break through this zone was a failure, so bulls need to break through if they want to continue the up trend towards 1.2284, which is the next target for them. The intraday support is seen at the level of 1.2163, 1.2154 and 1.2135 and the next technical support is seen at 1.2109 and 1.2088. Any violation of the old 61% Fibonacci retracement located at the level of 1.2035 will invalidate the bullish scenario. The weekly time frame trend is still up and intact.

Weekly Pivot Points:

WR3 - 1.2336

WR2 - 1.2251

WR1 - 1.2185

Weekly Pivot - 1.2101

WS1 - 1.2042

WS2 - 1.1960

WS3 - 1.1894

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.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback