07.02.202300:57 Forex Analysis & Reviews: Technical analysis of EUR/USD for February 06, 2023

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Overview :

The EUR/USD pair continues to move downwards from the level of 1.0785. Yesterday, the pair dropped from the level of 1.0833 (this level of 1.0833 coincides with the double top - 38.2% of Fibonacci retracement levels) to the bottom around 1.0709.

Today, the first resistance level is seen at 1.0785 followed by 1.0833 (the weekly pivot point), while daily support 1 is found at 1.0670.

Also, the level of 1.0785 represents a weekly pivot point for that it is acting as major resistance/support this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.0785 towards the first support level at 1.0670 in order to test it.

If the pair succeeds to pass through the level of 1.0670, the market will indicate a bearish opportunity below the level of 1.0670.

So, we expect the price to set below the strong (first) support at the level of 1.0670; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend.

If the trend breaks the major support at 1.0670, the pair will move downwards continuing the bearish trend development to the level 1.0623 in order to test the daily support 2. The EUR/USD pair is showing signs of strength following a breakout of the lowest level of 1.0670.

The market is indicating a bearish opportunity above the above-mentioned support levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.

However, if a breakout happens at the resistance level of 1.0785, then this scenario may be invalidated.

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