FX.co ★ EUR/USD analysis for February 11 2021 - Potential completion of the upside corretio and downside continuation towards 1.2000

The goal is to lift restrictions only when justified

• We have achieved goal of reversing virus infection trend
• We have stopped health system from being overburdened
• But we have to prepare for new variants to become dominant
• Only a matter of time before variants/mutations gain upper hand
• That could destroy all the progress we've made

In case you missed it, Germany has announced that they will extend lockdown until 7 March. While that seems to be where they will start easing restrictions, Merkel has been warning about virus variants/mutations so that will be something to take note of in case it becomes more widespread and threaten another potential lockdown in Q2/Q3.

Further Development

Analyzing the current trading chart of EUR, I found that the buyers got exhausted today and the downside roattion would be probably to correct strong upside movement from recent few days.

Watch for selling opportunities with the downside targets at 1,2090 and 1,2025.

Stochastic is in overbought zone, which is another sign for the further downside.

Key Levels:

Resistance: 1,2145

Support levels: 1,2090 and 1,2025.