empty
06.02.2023 09:55 AM
Technical Analysis of EUR/USD for February 6, 2023

Technical Market Outlook:

The EUR/USD pair made a new swing high at the level of 1.1033, so the bulls managed to retrace 50% of the last big wave down and since then the market keeps moving lower. The bears are testing the key short-term technical support seen at the level of 1.0785 - 1.0803 and any violation of this zone would likely result in another extension to the downside. The 50% Fibonacci retracement level is seen at 1.0760 and 61% Fibonacci retracement level is seen at 1.0694. The weak and negative momentum on the H4 time frame chart supports the negative outlook for EUR.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.08070

WR2 - 1.08006

WR1 - 1.07971

Weekly Pivot - 1.07942

WS1 - 1.07907

WS2 - 1.07878

WS3 - 1.07814

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might had been terminated at the level of 1.1033 which is 50% Fibonacci retracement level. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows.

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

Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 22, 2025.

With the appearance of Divergence between the Nasdaq 100 index price movement which formed a Double Top with the Stochastic Oscillator indicator plus confirmation with its price movement which moved

Arief Makmur 07:01 2025-05-22 UTC+2

Technical Analysis of Intraday Price Movement of USD/CHF Main Currency Pairs, Thursday May 22, 2025

As we can see on the 4-hour chart of USD/CHF main currency pair, some interesting information appears, namely first the appearance of Divergence between the price movement of USD/CHF with

Arief Makmur 07:01 2025-05-22 UTC+2

EUR/USD Forecast for May 22, 2025

On Wednesday, the euro successfully consolidated above the 1.1266 level and the balance indicator line. The next target levels are 1.1420 and 1.1535. The Marlin oscillator is about to enter

Laurie Bailey 05:06 2025-05-22 UTC+2

GBP/USD Forecast for May 22, 2025

Yesterday's inflation data for April in the UK surprised market participants. Core CPI jumped from 3.4% y/y to 3.8% y/y versus an expected 3.6% y/y, while headline CPI reached 3.5%

Laurie Bailey 05:06 2025-05-22 UTC+2

USD/JPY Forecast for May 22, 2025

The USD/JPY pair has been declining for eight consecutive days — a pattern not seen since 2019. However, we recently saw two five-week declines in July 2024 and November–December 2023

Laurie Bailey 05:06 2025-05-22 UTC+2

XAG/USD. Analysis and Forecast

Silver is rising toward the $33.25 level, consolidating near the upper boundary of its familiar range. The emergence of buying on pullbacks, a recent rebound from the 100-day Simple Moving

Irina Yanina 18:43 2025-05-21 UTC+2

Trading Signals for EUR/USD for May 21-25, 2025: sell below 1.1370 (200 EMA - overbought)

Early in the American session, the EUR/USD pair is trading around 1.1327, showing fading bullish strength. Having reached the top of the uptrend channel, EUR/USD is going through a technical

Dimitrios Zappas 17:50 2025-05-21 UTC+2

Trading Signals for GOLD (XAU/USD) for May 21-25, 2025: buy above $3,281 (200 EMA - 6/8 Murray)

Early in the American session, gold is trading around 3,304, above the 6/8 Murray level, and within the uptrend channel formed on May 14. Gold is expected to continue rising

Dimitrios Zappas 17:47 2025-05-21 UTC+2

Forecast for EUR/USD on May 21, 2025

On Tuesday, the EUR/USD pair managed to consolidate above the resistance zone of 1.1260–1.1282, which had previously triggered three pullbacks. As a result, the euro's upward movement continued

Samir Klishi 11:19 2025-05-21 UTC+2

Forecast for GBP/USD on May 21, 2025

On the hourly chart, the GBP/USD pair on Tuesday made two bounces from the support zone of 1.3344–1.3357, reversed in favor of the pound, and rose above the 1.3425 level

Samir Klishi 11:15 2025-05-21 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.