EUR/USD Price Forecast February 13, 2018, Technical Analysis

EUR/USD daily chart, February 13, 2018

The EUR/USD pair has pulled back slightly during the trading session on Monday, showing signs of grinding sideways overall. When you look at the last couple of days, we have been dancing around the 1.2250 level, which seems to be a bit of an anchor for pricing. I think that if we break above the 1.23 level, the market could go much higher, perhaps reaching as high as the 1.25 level over the next several sessions. This week will be interesting, because we had seen such a destruction of risk appetite last week, so the question now will be whether the value hunters come back. I think this pair will be one of the most interesting places for traders to get in and take advantage of value, and if it rallies significantly, I suspect that the US dollar will fall against almost everything. I believe that paying attention to what happens over the next 24 hours or so will be vital, but we are in a longer-term uptrend, so please keep that in mind. I believe that we will eventually break out to the upside but you’re going to need patience to ride out what I think will be the next move.

If we do break down below the 1.22 handle, I think then the 1.21 level underneath should be supportive as well, as it was the scene of a major breakout. Below there, we have even more support at the psychologically important 1.20 level. So, because of this, I think that it’s only a matter of time before we continue to see bullish pressure, but that doesn’t mean that it’s going to be today.

Written by FX Empire