empty
08.02.2023 08:17 PM
Technical analysis of EUR/USD for February 08, 2023

This image is no longer relevant

Overview:

The EUR/USD pair has faced strong resistances at the levels of 1.0880 because support had become resistance last week. So, the strong resistance has been already formed at the level of 1.0880 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.0880, the market will indicate a bearish opportunity below the new strong resistance level of 1.0880 (the level of 1.0880 coincides with a ratio of 38.2% Fibonacci - last bullish wave - double top).

Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). The trend of EUR/USD pair movement was controversial as it took place in the downtrend channel.

Due to the previous events, the price is still set between the levels of 1.0808 and 1.0669, so it is recommended to be careful while making deals in these levels because the prices of 1.0808 and 1.0669 are representing the resistance and support respectively.

Therefore, it is necessary to wait till the downtrend channel is passed through. Then the market will probably show the signs of a bearish market.

It should be noted that the volatility is very high for that the price of the EUR/USD pair is still trading between the prices of 1.0669 and 1.0808 in the coming hours.

Furthermore, the price has been set below the strong resistance at the levels of 1.0808 and 1.0851 which coincide with the 38.2% and 50% Fibonacci retracement levels respectively.

Thus, the market is indicating a bearish opportunity below 1.0808 so it will be good to sell at 1.0808 with the first target of 1.0669.

It will also call for a downtrend in order to continue towards 1.0630. The daily strong support is seen at 1.0600.

However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0851.

Moving averages, in the meantime, maintain their bearish slope way above the current level. Furthermore, although the news is bearish for the EUR/USD pair, professional may not want to sell weakness, but rather following a rebound rally.

Additionally, some aggressive counter-trend buyers may be defending parity. In case a continuousion takes place and the EUR/USD pair breaks through the support level of 1.0669 , a further decline to 1.0600 can occur which would indicate a bearish market.

Signal :

It should be noted that the 1.0808 price will act as a major resistance on Feb. 08th, 2023. Therefore, it will be too gainful to sell short below 1.0808 and look for further downside with 1.0669, 1.0630 and 1.0600 targets. It should also be reminded that stop loss must never exceed the maximum exposure amounts. Thus, stop loss should be placed at the 1.0851 level today.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for GBP/USD on March 31, 2025

On the hourly chart, the GBP/USD pair traded sideways on Friday, but two rebounds from the 1.2931 level allow for some potential growth toward the 127.2% Fibonacci corrective level

Samir Klishi 12:28 2025-03-31 UTC+2

EUR/USD. March 31st. The Dollar Has No Chance

On Friday, the EUR/USD pair consolidated above the 1.0781–1.0797 zone, allowing the upward movement to continue toward the 200.0% Fibonacci level at 1.0857. A rebound from this level would favor

Samir Klishi 11:58 2025-03-31 UTC+2

Forex forecast 31/03/2025: EUR/USD, GBP/USD, Gold, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:50 2025-03-31 UTC+2

EUR/USD and GBP/USD March 31 – Technical Analysis

During the week, bearish players attempted to confirm the earlier-formed pullback and continue the decline but were unsuccessful, resulting in a long lower shadow on the weekly candlestick. The pair

Evangelos Poulakis 09:07 2025-03-31 UTC+2

EUR/USD Forecast for March 31, 2025

Market participants have again been gripped by fear due to Washington's intention to expand tariff duties by 20% on virtually all U.S. trading partners. On Friday, the S&P 500 stock

Laurie Bailey 05:20 2025-03-31 UTC+2

GBP/USD Forecast for March 31, 2025

On the daily chart, the price is moving within an ascending channel. If optimism continues, the target level of 1.3184 could be broken. The Marlin oscillator is neutral

Laurie Bailey 05:13 2025-03-31 UTC+2

USD/JPY Forecast for March 31, 2025

Following Friday's 1.97% drop in the S&P 500 index, the USD/JPY pair fell by 120 pips. This morning, the Japanese Nikkei 225 index is down 3.85%, and USD/JPY is losing

Laurie Bailey 05:13 2025-03-31 UTC+2

Oil Forecast for March 31, 2025

Crude Oil (CL) held above the descending green price channel line for only two days. After dropping 84 cents by Friday, the quote fell below this channel line

Laurie Bailey 05:13 2025-03-31 UTC+2

Forex forecast 28/03/2025: EUR/USD, GBP/USD, USD/JPY, Oil and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 23:24 2025-03-28 UTC+2

Trading Signals for GOLD (XAU/USD) for March 28-31, 2025: sell below $3,078 (technical correction - 21 SMA)

Important support is located around the 21 SMA at 3,035. This level coincides with the bottom of the uptrend channel, which could suggest a technical rebound in the coming days

Dimitrios Zappas 14:12 2025-03-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.