February 23, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
Recently, the EURUSD pair looked overbought while approaching the price levels of 1.2250 (138% Fibonacci Level).
That’s why, conservative traders were advised to look either for SELL Positions around the previous price levels at 1.2330 (150% Fibonacci Level) in the previous article.
Recently, Bearish closure and persistence below 1.2160 was needed to abort the ongoing bullish momentum. This allowed the recent bearish movement to pursue towards 1.2050 which failed to offer sufficient bullish pressure.
The price zone around 1.2000 provided temporary bullish SUPPORT for the EURUSD. However, lack of bullish momentum was recently demonstrated. That’s why, we were waiting for a bearish continuation Pattern.
Bearish persistence below 1.2000 enhanced temporary bearish movement towards 1.1960 where significant bullish rejection was expressed.
That’s why, the recent bullish spike has pursued towards 1.2150 – 1.2175 (backside of the broken channel limit) where bearish rejection and a valid SELL Entry are anticipated.
Initial Bearish target would be located around 1.2020 while S/L should be placed above 1.2200.
The material has been provided by InstaForex Company – www.instaforex.com