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10.02.202318:43 Forex Analysis & Reviews: EUR/USD: 1.0669 as critical support

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 EUR/USD pair crashed in the short term and now is trading at 1.0674 at the time of writing. The rate is almost to hit the 1.0669 former low which stands as a downside obstacle, so it remains to see how it reacts.

Fundamentally, the USD received a helping hand from the Prelim UoM Consumer Sentiment which came in at 66.4 points above 65.0 expected and compared to the 64.9 points in the previous reporting period. In addition, the Prelim UoM Inflation Expectations came in at 4.2% above 3.9% in January.

EUR/USD Under Strong Downside Pressure!

Exchange Rates 10.02.2023 analysis

As you can see on the H1 chart, the rate rebounded a little after its last swing down. The instrument has climbed as much as 1.0790 where it has found resistance again. It has failed to reach and retest the 1.0802 resistance and now it has turned to the downside again.

It has ignored the 61.8% (1.0692) retracement level and now is almost to reach the 1.0669 downside obstacle.

EUR/USD Forecast!

A valid breakdown below 1.0669, a bearish closure below this obstacle activates more declines. This is seen as a selling signal, the median line (ml) of the descending pitchfork stands as a potential target.

Ralph Shedler
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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