FX.co ★ Technical analysis of GBP/USD for February 24, 2022

The EUR/USD pair dropped sharply from the level of 1.3511 towards 1.3273. Now, the price is set at 1.3386. On the H4 chart, the resistance of EUR/USD pair is seen at the level of 1.3511 and 1.3566.

It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.3273 and 1.3566 in coming hours.

Moreover, the price spot of 1.3566/1.3511 remains a significant resistance zone.

Also, it should be noticed that resisatnce is seen at the level of 1.3511 which coincides the daily pivot point.

Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective.

In order to indicate the bearish opportunity below 1.3566/1.3511, sell below 1.3566 or 1.3511 with the first target at 1.3273 in order to test yesterday's bottom.

Additionally, if the EUR/USD pair is able to break out the bottom at 1.3273, the market will decline further to 1.3174 in order to test the weekly support 2.

However, the price spot of 1.3662 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3662 is not breached.