The EUR / USD pair continues to lateralize, trading above the support of the 21 SMA and below the resistance of the 200 EMA, validating the rally of the previous days.

The euro is trading around 1.2125, slightly positive for the day, but within the range that takes more than 24 hours between 1.2110 and 1.2140, forming an ascending triangle.

The dollar was not affected on Wednesday by the statements of the president of the Federal Reserve, Jerome Powell, who confirmed that the central bank will continue to boost the economy through the purchase program and low interest rates.

On the technical level, we note that the EUR / USD pair is trading a slight bullish force, as it is facing the resistance of 1.2150, this level is exceeded by the price of the pair, we could expect an upward movement to the 1.2207 area, (Murray 4/8).

On the contrary, if it fails to break the EMA of 200 around 1.2151, it will be a good opportunity to sell at those levels, since on several occasions the pair has not been able to stay above this level.

The immediate support is located at the 3/8 area of Murray around 1.2085, a correction towards this level we can buy with targets at 1.2151.

analytics602536614cde2.jpg

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Support And Resistance Levels For February 11 – 12, 2021

Resistance (1) 1.2156

Resistance (2) 1.2179

Resistance (3) 1.2229

Support (1) 1.2100

Support (2) 1.2087

Support (3) 1.2044

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Trading tip for EUR/USD for February 11 – 12, 2021

Sell if pullback to 1.2152 (EMA 200) with take profit at 1.2120 and 1.2085 (3/8), stop loss above 1.2185.

Buy if rebound at 1.2085 (3/8) with take profit at 1.2120 and 1.2151 , stop loss below 1.2050.

The material has been provided by InstaForex Company – www.instaforex.com

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