The price line on EUR/USD price cart has recently been bouncing between a support and a resistance zone at 1.07500 and 1.08000. In its last bearish leg, the price line formed a bearish channel which is indicated with light red. Currently the price line is at the bottom of this channel and also on the static resistance level, indicated as an orange zone. RSI is showing over selling and MACD is reflecting potential for an upcoming bullish leg. Traders can expect an uptrend following the indicated trail. The target for the buyers can be considered on the resistance levels mentioned below.
• There is a resistance level at 1.08770 followed by resistance at 1.9300 and 1.10100.
• There is a support level at 1.07500. Below, there is 1.07350 and 1.07111.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
EURUSD analysis for 06.02.2023
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