February 23, 2021 : EUR/USD daily technical review and trade recommendations.
The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before the current downside reversal was initiated.
Bearish closure below the mentioned price zone around 1.2250 enabled a quick downside decline towards 1.2170 which corresponded to a previous congestion zone as well as a prominent key-zone.
Persistence below the price level of 1.2170 has turned the intermediate outlook for the pair into bearish and enhanced further downside decline was demonstrated towards 1.2080, 1.1990 and 1.1950.
However, Recent Buying Pressure existed around 1.1950, leading to the current quick upside spike above 1.1990 again.
Further buying pressure was applied on the pair. Hence, the current upside movement extended towards the depicted resistance level near 1.2175 where significant Selling Pressure is expected to beapplied on the EURUSD Pair.
Conservative traders are advised to SELL the EUR/USD pair anywhere around the depicted Resistance Level (1.2170).
Stop Loss should be placed above 1.2200, while T/P levels to be located around 1.1990 and 1.1950.
The material has been provided by InstaForex Company – www.instaforex.com