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EURUSD Wave Analysis 8 February, 2021

The FxPro Tech Analysis Team
EURUSD Wave Analysis 8 February, 2021

Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images

• EURUSD reversed from support level 1.2000

• Likely to reach resistance level 1.2145

EURUSD recently reversed up from the the key support level 1.2000 (former multi-month high from September) coinciding with the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward impulse (C) from November.

The upward reversal from the support level 1.2000 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

EURUSD is expected to rise further toward the next resistance level 1.2145 (which stopped previous minor corrective wave 2).

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