Technical analysis

EURUSD Wave Analysis 8 February, 2021

EURUSD Wave Analysis 8 February, 2021

• 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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