EUR/USD – A Strong Bullish Breakout Was Seen for the Pair


EUR/USD (Short Position)

  • Sell Stop: 1.0900
  • Take Profit: 1.0800
  • Stop Loss: 1.1100

EUR/USD (Long Position)

  • Take Profit: 1.1100
  • Stop Loss: 1.0800
  • Timeline: 1-2 days

The past few weeks were promising for the EUR/USD pair with the bullish movements. The pair was seen forming a strong bullish breakout on the price charts and made a strong recovery by rising above the 50% fibonacci retracement level. The RSI indicates that the pair is moving towards an overbought level and the pair has effortlessly moved above the 50-day moving average as well.

So, the technical analysis suggests that the overall outlook for the major pair in the month of Feb is still very bullish at the moment. But if the pair happen to drop below the support level of 1.0820, it’s a sign that there are more sellers taking over the market. For the fundamental analysis, FED’s decision to slow down the interest rate hikes and falling inflation rates in the Eurozone were key highlights from the week.

Forex Forecast

  • BTC/USD: The BTC price continues to decline but chances are there for a bullish reversal.
  • ETH/USD: Thin chances for bulls as the bearish trend persists for the pair.
  • EUR/USD: Fed’s dovish rise may please US Dollar bears as rate cuts are announced in response to weakening inflation.
  • AUD/USD: The Aussie pair moves up and unlocks a fresh high after 8 months.
  • EUR/JPY: No major movements for day traders but can expect a strong rally.
  • EUR/GBP: The central Bank decisions will be reflected in price moves of EUR/GBP.
  • GBP/USD: Pound sterling may rise after the announcement of interest rate hikes.
  • USD/CAD: Sellers will be favoured by a clear downside break of the crucial short-term support line.
  • USD/JPY: The downside bias is intact on USD/JPY.
  • BTC/USD: Choppiness will prevail for BTC/USD in the coming days.

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