Forex Trading: EURUSD Technical Analysis – Febuary 20, 2020
Today, the EUR weakened against the USD at a price of less than 1.0800. Look at the EURUSD journey then the investor is saddened by its steady decline throughout this year. In its path, an increase came but with a minimal impact that could not be enough to upgrade or trigger any change. However, if we talk specifically about today’s decline, it could be because of the consumer confidence decrease index. Therefore, the technical bias might remain bearish because of the lower low wave printed on the graph in the last downside move.
EURUSD: Technical Analysis
At 1,0791, the EURUSD offered itself today, there are support levels but only with few in number believed to be the supporter, thus driving up the price to the ideal level, the first support level is below the price at 1,0784, the trendline support level, ahead of 1,0700, the psychological number and then, at 1,0697, the horizontal support is supported the price.
This is not good for EURUSD, on the upper side of it, has several resistances at a different interval which may restrict the pair’s growth, at 1.0880 it has the first trendline resistance, shortly after it, at 1.0887 it has the 23.6% Fib level resistance and then at 1.1011 it could face the strongest horizontal resistance.
EUR GfK Consumer Confidence
The GfK Consumer Confidence is a leading indicator tracking consumer confidence rates in economic activity. High consumer trust stimulates economic expansion while low-level cause an economic downturn. From the fundamental viewpoint, this month it decreases slightly by 01 percent compared to the last month, but it does have a significant impact on EURUSD already fallen.
However, at this stage, trading is not available to traders, the stock could remain bearish for a while, as there has been no relevant support so far, that may strengthen the pair.