EURUSD to Continue Its Decline as Bears Stay in Charge

EURUSD to Continue Its Decline as Bears Stay in Charge

EURUSD Price Analysis – February 17

The EURUSD pair is trading near the Friday multi-year low of 1.0827 level, showing small targets to move in one direction or another, as the daily high was set at 1.0850 level. Insufficient European macroeconomic calendar and US markets during the holidays are behind the lack of trade interests.

Key Levels
Resistance Levels: 1.1239, 1.1172, 1.1095
Support Levels: 1.0827, 1.0770, 1.0700

EURUSD Long term Trend: Bearish

EURUSD is exchanging in a feeble downtrend underneath the technical daily moving averages of 5 and 13, as the spot stays under tension close to 34-month lows. The price is exchanging somewhat underneath the 2019 lows.

A sustained breakthrough of 58.6% recovery from 1.0700 (low) to 1.1515 at 1.0827 levels could pave the way for retesting the 1.0770 low level. At the moment, its trend may remain bearish, while the resistance level of 1.1239 level holds, in case of a strong rebound.

EURUSD Short term Trend: Bearish

The intraday bias in EURUSD stays at a downward level with insignificant resistance at 1.0879 level, while the current downtrend should be aimed at a forecast of 161.8% from 1.1172 to 1.0981 from 1.1095 at 1.0827 levels.

On the other hand, a slight resistance past the 1.0879 can change the neutral intraday bias and lead to consolidation in the first place. But the recovery should be contained by the support turned resistance of 1.0981 level to resume another fall.

Instrument: EURUSD
Order: Sell
Entry price: 1.0850
Stop: 1.0879
Target: 1.0770

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.