FX.co ★ Technical analysis EUR/USD for February 5, 2021

EUR/USD has broken clearly below the uptrend-line from May 2020 indicating a deeper corrective decline is unfolding. We are ultimately looking for a corrective decline to solid support near 1.1608 from where renewed upside pressure is expected. But for now we should stay focused towards the downside for a dip to 1.1865 form where a minor counter-rally close to 1.2048 is expected before the next push lower to 1.1608 should be expected.

R3: 1.2113

R2: 1.2048

R1: 1.2003

Pivot: 1.1963

S1: 1.1926

S2: 1.1869

S3: 1.1865

Trading recommendation:

Sell EUR near 1.2048 and place the stop+revers at 1.2190