Daily Technical Outlook: EURUSD (Feb 2) #forex
The EURUSD dipped towards 1.0730 yesterday before finding renewed demand and bounces back towards the recent highs. The pair continues to trade in an rising channel, maintaining the sequence of higher highs and higher lows.
Accordingly, the upside remains favored over the short term. However, a key medium term resistance area start at 1.0795 and extends to 1.0875. Having that in mind, we prefer to see a break above 1.0800 to look for the extension of the short term bullish trend towards 1.0875.
Short term scenarios:
Bullish on a break above 1.0800, targeting 1.0870.
Bearish below 1.0700, targeting 1.0615.
Short term key support and resistance
1.0770 1.0730/20 1.0660
1.0800 1.0870
Accordingly, the upside remains favored over the short term. However, a key medium term resistance area start at 1.0795 and extends to 1.0875. Having that in mind, we prefer to see a break above 1.0800 to look for the extension of the short term bullish trend towards 1.0875.
Short term scenarios:
Bullish on a break above 1.0800, targeting 1.0870.
Bearish below 1.0700, targeting 1.0615.
Short term key support and resistance
1.0770 1.0730/20 1.0660
1.0800 1.0870
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