EURUSD Range Trading Beneath 1.2050 Level Amid Poor German Data Release

EURUSD Price Analysis – February 8

The EURUSD pair rebounded on Friday, marking an end to 4 days in a row declines. The rebound comes after the price reversed near the lower horizontal line at the 1.1952 level. During today’s European session the EURUSD extended its decline in a range trading beneath the 1.2050 level amid a poor German data release on its industrial production.

Key Levels
Resistance Levels: 1.2350, 1.2214, 1.2050
Support Levels: 1.1952, 1.1887, 1.1693
EURUSD Long term Trend: Ranging
At the beginning of the week, the EURUSD stays pressured beneath the 1.2050 level. The pair is losing 0.19% at 1.2030 and meets initial support at 1.1952 (low) followed by 1.1887 level and finally 1.1693 level. On the flip side, a break above 1.2050 would target 1.2150 en route to the 1.2214 resistance zone.

In the larger context, the advance from the 1.0635 level is seen as the third phase of the trend from the 1.0339 level. A continuous rally may be seen to cluster resistance level at 1.2200 level next. This may stay as the considered scenario as long as the 1.1602 support level holds intact.
EURUSD Short term Trend: Bearish
The intraday dynamics of EURUSD remains neutral with an emphasis on support at 1.2050, which has turned into resistance. A sustained breakout could mean the retracement from the 1.2350 level is complete and the larger uptrend is not yet complete.

Intraday bias could shift upward to 1.2150 resistance and then to a 1.2350 high. However, a break of 1.1952 would see a steeper retracement to 38.2% retracement from 1.0635 to 1.2348 at 1.1694.

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