Relevance up to 07:00 2020-02-04 UTC–8
EURUSD has been trading downwards. EUR rejected of the main support trend line at the price of 1.1038. Due to rejection of the main support trend line and solid momentum to the upside in the background, buying opportunities are preferable.
The rejection of the critical pivot support at 1.1038 was key for the further demand. Upward targets are set at the price of 1.1059, 1.1073 and 1.1095.
Watch for downside opportunities only if you see stronger breakout of the 1.1038 and play for test of 1.1017 and 1.0993.
MACD oscillator is still showing positive reading above the zero and the slow line is still bullish.
Resistance levels are set at 1.1059, 1.1073 and 1.1093.
Support levels are seen at the price of 1.1038, 1.1017 and 1.0993.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.