FX.co ★ Technical analysis on EURUSD for February 16th, 2023.

Violet lines- Fibonacci retracement levels

Black line- support trend line

EURUSD is trading around 1.07. Short-term trend is bearish. Price has stopped the decline right at the first Fibonacci retracement support level. Support is at 1.0670. A break below this level will open the way for a move towards the next Fibonacci level of 38% at 1.0460. A break below recent lows would be a sign of weakness. EURUSD is vulnerable to a move towards the black support trend line. So far any attempt to bounce above 1.08 has failed with candlesticks forming long upper tails. A break below 1.0670 will also clear things up regarding the entire move from 0.9535. Is the entire upward move over or is this just another pull back part of the up trend.