FX.co ★ Technical analysis of EUR/USD for February 16, 2022

• Weekly pivot point : 1.1387.
• Trend : Bullish.
• Time frame : hourly

The EUR/USD pair broke resistance which turned to strong support at the level of 1.1331 yesterday.

The level of 1.1331 coincides with 23.6% of Fibonacci, which is expected to act as major support today.

Since the trend is above the 23.6% Fibonacci level, it means the market is still in a uptrend.

From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.1331.

This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the EUR/USD pair will move between 1.1331 and 1.1495 in coming hours.

On the H1 chart, resistances are seen at the levels of 1.1448 and 1.1495.

Also, it should ne noticed that, the level of 1.1387 is representing the weekly pivot point.

If the trend breaks the support at 1.1387 (first resistance). Thereupon, it is possible that the pair will move upwards continuing the development of the bullish trend to the level 1.1413 in order to test the daily resistance 1.

Therefore, strong support will be formed at the level of 1.1331 providing a clear signal for buy deals with the targets of 1.1413, 1.1448 and 1.1495.

However, stop-loss is to be placed below the price of 1.1280.