FX.co ★ Technical Analysis of EUR/USD for February 26, 2021

Technical Market Outlook:

The EUR/USD pair had made a new local high at the level of 1.2242, but the Pin Bar candlestick in for of a Doji had been made at the top of the rally.This is the market reversal indication, so the EUR/USD might start a correction now. The intraday support is seen at the level of 1.2163, 1.2154 and 1.2135 and the next technical support is seen at 1.2109 and 1.2088. Any violation of the old 61% Fibonacci retracement located at the level of 1.2035 will invalidate the bullish scenario. The weekly time frame trend is still up and intact.

Weekly Pivot Points:

WR3 - 1.2336

WR2 - 1.2251

WR1 - 1.2185

Weekly Pivot - 1.2101

WS1 - 1.2042

WS2 - 1.1960

WS3 - 1.1894

Trading Recommendations:

Any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken, because since the middle of March 2020 the main trend is on EUR/USD pair has been up. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2175 supports the trend change/corrective cycle scenario.