EUR/USD for February 24,2020 – Pitchfork Warning line 1 at the pice of 1.0810 on the test, watch for buillish opportunities

By | February 24, 2020
InstaForex
EUR/USD for February 24,2020 - Pitchfork Warning line 1 at the pice of 1

Relevance up to 05:00 2020-02-26 UTC–8

Technical analysis:

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EUR/USD has been trading sideways at the price of 1.0820. The Pitchfork Warning line at at 1.0810 is on the test and I do expect upside rotation and test of 1.0862 and 1.0886.

I would watch for buying opportunities due to the test of support confluence at 1.0810. Upward targets are set at the price of 1.0862 and 1.0886.

MACD oscillator is showing bullish divergence on the last pushes down, which is great confirmation for further upside movement

Stochastic oscillator is in oversold condition with potential for further upside.

Resistance levels are set at the price of 1.0840, 1.0860 and 1.0886

Support levels are set at the price of 1.0806 and major at 1.0778.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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