Forex Trading: EURUSD Technical Analysis – Febuary 25, 2020
Today, with a price of less than 10810, the EUR once again fell against the US dollar, it rose two days ago after the continuous loss of a long time, which put the light in the darkroom of the EURUSD, but today’s loss brings the EURUSD again in the critical condition of failure. As far as the technical bias is concerned, it might remain bearish because of the lower low movement in the last downside move, as shown in the graph below.
EURUSD: Technical Analysis
At the price of 10840, EURUSD priced itself on the graph. With the few levels of support, the EURUSD makes its position a little stronger in order to meet the challenges of the resistance levels and the upcoming bad news. At 1.0830, it gets the first instant trendline support, ahead of the psychological number at 1.080, and then the major horizontal support assisted at 1.0775.
The price at this stage, on the upper side, is pressurized by the number of resistance levels, the first trendline resistance is just above the price at 1.0852, ahead of the Fibonacci level at 1.0866, and then afterward there is the confluence of the major horizontal resistance and the trendline at 1.1007.
EUR The Economic Sentiment
Today’s loss is due to The Economic Sentiment published by the Center for European Economic Research, which measures the sentiment of institutional investors, reflecting the difference between the share of optimistic investors and the share of pessimistic analysts, and this month it dropped from 26.7 to 8.7 compared to the last month. In general terms, an optimistic view for the EUR is considered positive (or bullish), whereas a pessimistic view is considered negative (or bearish).
Trading is not accessible to traders at this phase, furthermore, the stock could remain bearish for a while.