EURUSD Daily Analysis – February 7, 2018

After touching 1.2335 support, EURUSD rebounded into the trading range between 1.2335 and 1.2537, suggesting that the pair remains in the uptrend from 1.1717 (Dec 12, 2017 low), and the price action from 1.2537 could be treated as consolidation of the uptrend. Another rise to test 1.2537 resistance would likely be seen in the coming days. A breakout of this level will indicate that the uptrend has resumed, then next target would be at 1.2700 area. On the downside, if the price breaks and settles below 1.2335 support, it would suggest that the uptrend had completed at 1.2537 already, then the pair would find next support at 1.2165.

EURUSD 4-hour chart