EURUSD Price May Pull Back to Retest $1.13 Before Bullish Trend Continues

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors

EURUSD Price Analysis – February 07

The uptrend movement may continue provided the support level of $1.13 is defended by the bulls and this may lead to the penetration of $1.15, further increase to $1,16 and $1.17. The inability to defend the $1.13 level by the bulls may push the price down to $1.12 and $1.11 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.15, $1.16, $1.17

Support levels: $1.13, $1.12, $1.11

EURUSD Long-term Trend: Bullish

On the daily chart, EURUSD is bullish. Two weeks ago, the US dollar was strong and it reflected on EURUSD by making it bearish. The price declined to the extent of locating the low of June 2020. The demand level of $1.11 was tested. A bullish reversal candle pattern formed called bullish engulfing at the support level of $1.11. The price obeyed the command of the bullish reversal candle pattern. Bullish candles emerge and the price increase to penetrate the resistance level of $1.12 and $1.13, the resistance level of $1.15 is exposed to the price.

This is an indication that the bulls are ready to take over the EURUSD market. The price is trading above the 9 periods EMA and 21 periods EMA which indicates a buy signal. The uptrend movement may continue provided the support level of $1.13 is defended by the bulls and this may lead to the penetration of $1.15, further increase to $1,16 and $1.17. The inability to defend the $1.13 level by the bulls may push the price down to $1.12 and $1.11 level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the 4-hour chart. The price reached the support level of $1.11 on January 27. The bulls opposed the decrease in price with formation of more bullish candles. It reverses and increase towards the resistance level of $1.15. It is currently pulling back to retest the $1.13 level before bullish trend continue.

The price is trading below the 9 periods EMA and but yet to penetrate 21 periods EMA. The relative strength index period 14 is at 60 level with the signal line bending down to indicate sell signal.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.