FX.co ★ Technical analysis of EUR/USD for February 10, 2023

The EUR/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 1.0669 or lower. Immediate support is seen around 1.0669.

A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.06030, because in general, we remain bearish on Feb 10th, 2023.

The market moved from its bottom at 1.0669 and continued to rise towards the top of 1.0680. Today, on the one-hour chart, the current rise will remain within a framework of correction.

However, if the pair fails to pass through the level of 1.0732 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.0669 (the level of 1.0669 coincides with the ratio of 00% Fibonacci retracement - last bearish wave).

This resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend.

The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside.

Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0669 with the first target at 1.0630 so as to test the double bottom. If the trend breaks the double bottom level of 1.0600, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.0600 in order to test the weekly support 2.