FX.co ★ Technical analysis of EUR/USD for February 17, 2022

The EUR/USD pair will continue rising from the level of 1.1320 today. So, the support is found at the level of 1.1320, which represents the 23.6% Fibonacci retracement level in the H1 time frame.

Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. Therefore, the EUR/USD pair is continuing with a bullish trend from the new support of 1.1320.

The current price is set at the level of 1.1354 that acts as a daily pivot point seen at 1.1381.

Equally important, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1320 and 1.1495 in coming hours.

Therefore, strong support will be formed at the level of 1.1320 providing a clear signal to buy with the targets seen at 1.1408.

If the trend breaks the support at 1.1408 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.1495 in order to test the daily resistance 2.

In the same time frame, resistance is seen at the levels of 1.1445 and 1.1495. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.1267 (below the support 2).