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FX.co ★ EUR/USD for February 07,2020 - Buying zone for the EUR at the at the bottom of the channel

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Forex Analysis

2020-02-07T13:05:52
iconRelevance until2020-02-08

EUR/USD for February 07,2020 - Buying zone for the EUR at the at the bottom of the channel

Technical analysis:

EUR/USD for February 07,2020 - Buying zone for the EUR at the at the bottom of the channel

EUR has been trading downwards. The price tested the level of 1.0950. Anyway, I found the rejection of the support at the 1.0950 and also lower diagonal of the downward channel, which might be the indication of the strength.

Watch for buying opportunities and potential rotation up towards the 1.0985 and 1.1010.

MACD oscillator is showing bull divergence and decreasing to the downside, which confirms our bullish view.

Resistance levels are set at 1.0985 and 1.1011.

Major support is set at 1.0950.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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