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Trading signals for EUR/USD on February 17-18, 2022: key level 1.1352 (2/8 - EMA 200)

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EUR/USD is trading above the 200 EMA and the 21 SMA and above the uptrend channel formed since January 27.

On the other hand, there is another secondary bearish channel that has been formed since the high of Feb 10, when it hit 1.1494. Since then. EUR/USD has been moving in a downtrend and is now consolidating below the top of the bearish channel.

The market sentiment report shows that 52.65% of traders are selling the EUR/USD pair. It is likely that in the coming days the euro could continue its upward movement only if it remains above 1.1335.

The uptrend continues to prevail and a daily close above 1.1375 could give EUR/USD the upside momentum to reach 4/8 Murray at 1.1474. On the other hand, a technical bounce at the bottom of the uptrend channel around 1.13 35 will be an opportunity to buy again.

On the contrary, if the euro breaks the uptrend channel sharply and consolidates below the 2/8 Murray and below the 200 EMA, it will be the start of a bearish movement and the price could fall to the support of 1.1200 and even 1.1170.

Any break up/down of the 200 EMA and 21 SMA can provide traders of the EUR/USD pair a clear trend to trade.

Our trading plan is to wait for the level of 1.1375 to buy the euro. On the contrary, wait for a daily close below 1.1320, to sell. The eagle indicator is giving a weak bullish signal.


Trading analysis offered by Complex Trader - a RobotFX partner.
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