Relevance up to 12:00 2020-02-05 UTC–8
EURUSD got rejected at the important junction at 1.11. Price has bounced and reached our 1.11 target and bears are happier now as price is pulling back after the rejection. Bulls want to see price make a higher low and resume the uptrend above 1.11 which remains key resistance.
Red line -resistance
Green line -resistance
EURUSD has made a sharp pull back towards 1.1036 after reaching our short-term target. At 1.1030 we find the 61.8% Fibonacci retracement of the upward move from 1.0990 to the recent highs. If price continues lower towards 1.1030 and below, then we believe there chances of breaking below 1.0990 towards 1.09 are high. If on the other hand bulls manage to hold above 1.1030 and break above 1.11, we should expect to see 1.12 fast. Resistance at 1.11 is key. This is the time to be bullish again with 1.1030 as stop. If you do not like this risk return one should remain bearish as long as price is below 1.11.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2020
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