FX.co ★ Technical analysis of EUR/USD for February 2024

Trend analysis:

In February, EUR/USD will fall from the level of 1.0817 (closing of the January monthly candle) to the support line at 1.0724 (thick white line). Following this will be a rise towards the 14.6% retracement level of 1.1020 (yellow dashed line).

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the monthly white candle (first week of the month - black) and no second upper shadow (last week - white).

Therefore, this month, quotes will first drop from 1.0817 (closing of the January monthly candle) to the support line at 1.0724 (thick white line), followed by an increase towards the 14.6% retracement level of 1.1020 (yellow dashed line).

Alternatively, euro could decline from 1.0817 (closing of the January monthly candle) to the 23.6% retracement level of 1.0642 (red dashed line), and then rise to the 14.6% retracement level of 1.1020 (yellow dashed line).