EURUSD Stays Further Bearish With Oversold Conditions Likely to Prompt Upward Corrective Movement

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EURUSD Price Analysis – February 10

EURUSD widened its decline to a new low of 2020 at 1.0910 level, ending the US session not much higher than the level. The week began, as usual, in slow motion, the market is still focused on the outbreak of the Chinese coronavirus and on how this can impact global economic growth.

Key Levels
Resistance Levels: 1.1239, 1.1172, 1.1095
Support Levels: 1.0981, 1.0940, 1.0879

EURUSD Long term Trend: Bearish

The currency pair is trading in a weak bearish trend beneath its main moving averages 5 and 13, as the spot drops to levels unprecedented since October 2019. The breakdown of the low level of 1.0879 may continue the downtrend from the level of 1.1515 (high).

A sustained breakthrough may pave the way for re-testing the low of 1.0339. As long as this stays a privileged scenario, while the resistance level of 1.1239 holds.

EURUSD Short term Trend: Bearish

The fall of EURUSD from the level of 1.1239 continues today, while the intraday bias stays on the bearish. A further decline should be seen to retest a low level of 1.0879.

On the other hand, past the level of 1.0981, insignificant resistance may primarily change the neutrality of the intraday bias, while recovery may be restrained beneath the resistance level of 1.1095 to continue the fall.

Instrument: EURUSD
Order: Sell
Entry price: 1.0940
Stop: 1.0981
Target: 1.0879

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