11.02.202218:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 12, 2022

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.

Overview:

The trend of EUR/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability.

Amid the previous events, the price is still moving between the levels of 1.1495 and 1.1362.

Also, the daily resistance and support are seen at the levels of 1.1495 and 1.1362 respectively.

Therefore, it is recommended to be cautious while placing orders in this area.

Thus, we need to wait until the sideways channel has completed. Yesterday, the market moved from its top at 1.1495 and continued to drop towards the bottom of 1.1370.

Today, in the one-hour chart, the current rise will remain within a framework of correction.

However, if the pair fails to pass through the level of 1.1495, the market will indicate a bearish opportunity below the strong resistance level of 1.1495 (the level of 1.1495 coincides with the double top too).

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.1495 with the first target at 1.1362.

If the trend breaks the support level of 1.1362, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.1321 in order to test the daily support 2 (horizontal red line).

On the contrary, if a breakout takes place at the resistance level of 1.1495 (the double top), then this scenario may become invalidated.

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.