EUR/USD for February 20,2020 – Broken downard well-defined channel, posibility for the bigger rally towards the 1.0860

By | February 20, 2020
InstaForex
EUR/USD for February 20,2020 - Broken downard well-defined channel, posibility for the bigger rally towards the 1

Relevance up to 05:00 2020-02-21 UTC–8

Technical analysis:

analytics5e4e84e135173.jpg

EUR/USD has been trading sideways at the price of 1.0790. I found that there is the breakout of the well defined downward channel in the background, which is sign that buyers are taking control over buyers and the rally is very possible.

Rising black trend line – Possible path

Downside diagonals – Broken downward channel

Yellow rectangle – Support cluster

Watch for buying opportunities with the main upward targets at the price of 1.0835 and 1.0858.

MACD oscillator is showing 3-pushes down and bullish divergence, which is good confirmation for our long bias.

Major support is set at the price of 1.0760

Resistance levels and upward

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

InstaForex