FX.co ★ Technical Analysis of EUR/USD for February 8, 2021

Technical Market Outlook:

The EUR/USD pair has hit the level of 1.2043, which is a 38% Fibonacci retracement of the last wave down. The next target for bulls is the technical resistance level located at 1.2053 - 1.2060 zone. If this zone is violated, then the 50% and even 61% Fibonacci retracement levels might be tested. The intraday technical support is located at 1.2027 level. Please notice, the momentum on the H4 time frame chart is strong and positive and market is picking up from the oversold conditions, which support the short-term bullish outlook for this pair.

Weekly Pivot Points:

WR3 - 1.2314

WR2 - 1.2227

WR1 - 1.2130

Weekly Pivot - 1.2038

WS1 - 1.1949

WS2 - 1.1857

WS3 - 1.1765

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.