22.02.202118:20 Forex Analysis & Reviews: February 22, 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.

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 was demonstrated 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.

Further buying pressure was applied on the pair. Hence, the current upside movement extended towards the depicted resistance level near 1.2175 where significant Selling Pressure is being applied on the EURUSD Pair.

Trade Recommendations:

Conservative traders are advised to SELL the EUR/USD pair anywhere around the depicted Resistance Level (1.2170).

Stop Loss should be placed above 1.2200, while T/P levels to be located around 1.1990 and 1.1950.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.