Forex Trading: EURUSD Technical Analysis – Febuary 12, 2020

Today the EUR plummeted against the USD, anyway, the EURUSD drops like the stone, and this fell brings the price down to the 1.1000, While yesterday it raise itself but this increase became useless because the dropped that start from the end of last month wasn’t recovered by yesterday’s rise. Therefore, the technical bias may remain bearish, due to the last downside movement showed a lower low wave.

EURUSD: Technical Analysis

The graph below showed the EURUSD priced itself at 1.0914, There is the immediate support level at 1.0909, that provide the aid to the pair’s price in order to raise it above the said level, ahead of the psychological number of 1.0900, and then at 1.0873, its the major horizontal support.

EURUSD

On the upper side the price of the pair, there are the numbers of the resistances which might not allow the price to rise, at first there is the confluence of the trendline and 61.8 percent of the fib level at 1.1016, before this, there is another combination of another trendline and the major horizontal resistance at 1.1097.

EUR Industrial Production

The Industrial Production published today, on February 07, 2020, by the Statistisches Bundesamt Deutschland, showed a dramatic drop from 2.1% to -3.5%. It is the measurement outputs of the German factories and mines. Increases in industrial production are widely observed as a significant force predictor in the manufacturing sector. For the EUR a low reading is regarded as negative (or dovish).

Trade Idea

Meanwhile, at this stage, trade isn’t open possibilities for traders, the stock could bearish for a while, as no news has been seen so far, boosting that pair.

 

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