Technical analysis for EUR/USD for February 20, 2019

Posted On 20 Feb 2019

EUR/USD as expected has bounced towards our minimum target of the 38% Fibonacci retracement level around 1.1340. This is important short-term resistance area and if bulls manage to reclaim and stay above 1.1350, we should be heading towards 1.14-1.1420 soon.

Black lines – bullish divergence

Green line – support trend line

Red line – resistance trend line

Blue rectangle -short-term target (achieved)

Black rectangle – next bounce target

EUR/USD has started making higher highs and higher lows in the 4 hour time frame. Price has bounced as expected and reached our first target. Resistance is important around 1.1350 and if bulls are strong enough we could see a move higher towards 1.14. The next Fibonacci resistance level is at the 61.8% retracement at 1.1407. Support is at yesterday’s lows at 1.1275. Bulls do not want to see this level broken. If support fails to hold we could see a move towards 1,12 or lower.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for EUR/USD for February 20, 2019

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support