Forex Trading: EURUSD Technical Analysis – Febuary 17, 2020
The quite poor EURUSD, finally today took the step towards the raise, and thus with the price of more than 1,0800, it labeled itself on the graph with the bullish candle tag This is the very nice EUR initiative on trading week’s very first day. The credit for today’s success goes to Germany’s announcement of the Gross Domestic Product, which inevitably raises the price, however, due to the lower low wave on the graph, in the last downside move, the technical bias might remain bearish.
EURUSD: Technical Analysis
At 1.0843, the EURUSD quoted itself today, it is not good for EURUSD, on the upper side of it, has the multiple of resistances at a different interval that may be no enable it to continue its progress, at 1.0894, it has the first trendline resistance, shortly after it, at 1.0924, it has the 23.6% Fib level resistance and then at 1.1032, it might face the major horizontal resistance.
On the downside of the price, there are the support levels but with few in number that are assumed to be the helper, while raising the price to the optimal level, the first support level is right below the price, at 1.0831, the trendline support level, ahead of the 1.0800, the psychological number and then at 1.7980, it is assisted by the strong horizontal support.
EUR Gross Domestic Product
From a fundamental point of view, the Gross Domestic Product released on February 14, 2020, by the Statistisches Bundesamt Deutschland crossed the expectations of 0.2 percent by economist and thus stood at 0.3 percent. It is a measure of the total value of all German manufactured goods and services. GDP is seen as a broad measure of the German economy and health.
A high reading or a number that is stronger than expected has a positive effect on the EUR, while a downward trend is seen as negative (or bearish).
Meanwhile, trade is not open to traders at this point, the stock might be bearish for a while, as there has been no relevant support so far, that boosting the pair, and it needs the strong backup/ support that might changes it into the bullish pattern.