Market Attempt to Erase EURUSD Prior Surge to 1.1095 Level

Market Attempt to Erase EURUSD Prior Surge to 1.1095 Level

EURUSD Price Analysis – February 3

The beginning of the week saw the dollar regain its bullish tone, as it rose against most major currencies on the back of stronger-than-expected US data. At the moment, the market is reversing from the EUR rebound on Friday and testing the horizontal level at 1.1095.

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

EURUSD Long term Trend: Bearish

The EURUSD pair plunged to the level of 1.1035 from the level to rectify around the 1.1060 level while the euro stays weak, and a breach beneath the 1.1060 support level could lead to a retest of the 1.1040 and 1.1000 levels.

On the other hand, a breach of the 1.1100 / 1.1130 resistance level might jeopardize the bearish scenario, according to medium-term expectations.

EURUSD Short term Trend: Bearish

The pair has lost an upward potential, according to the 4-hour chart, but the downside remains limited. In the mentioned time frame, technical indicators retreated from overbought levels but later rectify within positive levels.

With no secondary support at 1.1066 level, further advance is in favor of EURUSD. The decline from the 1.1239 level could have been completed with an expected move to the level of 1.1000. Corrective advance from 1.0879 level may not be over yet.

Instrument: EURUSD
Order: Sell
Entry price: 1.1085
Stop: 1.1130
Target: 1.0981

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Author : Azeez Mustapha


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