Technical analysis

EURUSD Wave Analysis – 14 February 2023


• EURUSD reversed from support level 1.0665

• Likely to rise to resistance level 1.0800

EURUSD recently reversed up from the key support level 1.0665 (former resistance from December), standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from January.

The support level 1.0665 was further strengthened by the intersecting lower support trendline of the daily up channel from November.

Given the oversold daily Stochastic, EURUSD can be expected to rise further toward the next resistance level 1.0800 (top of the previous wave B).

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