FX.co ★ Technical analysis of EUR/USD for February 14, 2023

After finding bids reach to 1.0713, the EUR/USD pair price recovered above 1.0691 and 1.0713. Initial the EUR/USD pair resistance lies near the 1.0730 level (50% of Fibonacci retracement levels). A decent breakout and follow-up move above 1.0691 or/and 1.0713 could open the gate for a push towards the 1.0747 level.

The main support remains near the area of 1.0691 and 1.0713. Also it should be noted that the EUR/USD pair and packets of pairs unite as the bulls gain their momentum.

The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

The EUR/USD pair increased within an up channel. Closing above the pivot point (1.0713) could assure that the EUR/USD pair will move higher towards cooling new highs.

The bulls must break through 1.0730 in order to resume the up trend.

Trading recommendations :

The trend is still bullish as long as the price of 1.0713 is not broken. Thereupon, it would be wise to buy above the price of at 1.0713 with the primary target at 1.0747.

Then, the EUR/USD pair will continue towards the second target at 1.0771 (a new target is around 1.0804).

Alternative scenario:

The breakdown of 1.0691 will allow the pair to go further down to the prices of 1.0656 and 1.0635.

Uptrend scenario :

An uptrend will start as soon, as the market rises above resistance level 1.0730, which will be followed by moving up to resistance level 1.0747. Further close above the high end may cause a rally towards 1.0771and 1.0804. Nonetheless, the weekly resistance level and zone should be considered.

Downtrend scenario :

On the downside, the 1.0691 level represents support. The next major support is located near the 1.0656, which the price may drift below towards the 1.0635 support region.