Relevance up to 19:00 2021-02-23 UTC+3
EURUSD bulls so far have managed to hold price 1.2020 support and they now challenge the resistance trend line and recent highs at 1.2145. Short-term trend is bullish with upside potential to reach 1.2220 and maybe 1.2350.
Red downward sloping line -resistance trend line
Red rectangle – key support
Blue rectangle – target
EURUSD has reversed it’s trend at the 1.2020 support area and is now challenging the red downward sloping resistance trend line. It is important for bulls to respect the recent lows and to break above 1.2150 in order to reach the first target of 1.2220. The 1.2220 is the 100% extension of the first upward move from 1.1950 to 1.2150. The 161.8% extension is at 1.2350. At 1.2090 we also find short-term support that must hold, in order for price to continue higher.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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