FX.co ★ Technical analysis of EUR/USD for February 15, 2021

Overview :

Pair : EUR/USD.

Key level is at 1.2075 which represents a daily pivot point. So, history will probably repeat itself at this level again.

The EUR /USD pair will continue rising from the level of 1.2075 in the long term. It should be noted that the support is established at the level of 1.2075 which coincides the daily pivot point on the H1 chart.

In consequence, the EUR/USD pair broke resistance, which turned into strong support at the level of 1.2075. The level of 1.2075 is expected to act as the major support today.

The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.2127.

Hence, buy above the level of 1.2100 with the first target at 1.2150 in order to test the daily resistance 1.

We expect the EUR/USD pair to continue moving in the bullish trend towards the target levels of 1.2180 and 1.2211.

On the other hand, if a breakout happens at the support level of 1.2030, then this scenario may be invalidated.

Trading recommendations:

According to the previous events, the EUR/USD pair is still moving between 1.2075 and 1.2211.

Buy above 1.2075 (if the trend fails to close below it) with target at 1.2150, then at the price of 1.2211. Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated. The market is still in an uptrend. We still prefer the bullish scenario.