FX.co ★ EUR/USD for February 10,2020 - Falling wedge in the backgrournd and lack of selling power, watch for rise on the EUR

Technical analysis:

EUR has been trading sideways at the price of 1.0950. Due to the breakout of falling wedge in the background, I do expect rise on the EUR and potential testing of 1.0976-1.1000.

Watch for buying opportunities on the dips or wait for the breakout of the 1.0957 to confirm the upside movement. Be very careful with chasing eventual breakdown due to poor structure for downside continuation.

MACD oscillator is showing bullish divergence, which is good confirmation for our long bias.

Support level is set at 1.0940

Resistance levels are set at: 1.0957, 1.0976 and 1.1000