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EUR / USD trend analysis on February 7

Wednesday (February 7) European market early, the euro / dollar hovered around the level of 1.2390.

IntraTrader AceTrader Forex Analysis team wrote a brief analysis of the euro / dollar movements and the latest trading strategies. The details are as follows:

After the "roller coaster" turmoil of the previous session, the euro / dollar traded within a rather narrow range on the trading day in a quiet trading session. Earlier on the previous day, the price rose to 1.2341 from 1.2351 and then dropped sharply to 1.2313 before it rebounded in the United States. This triggered a broad selling of the U.S. dollar and helped push the exchange rate back to 1.2405.

The previous day the euro / dollar rose to 1.2405 from 1.2313, indicating that the recent correction since the 3-year high of 1.2538 touched in January has been bottoming out and is expected to maintain its uptrend preference next European session this trading day or Extension gains point to 1.2434, so the current bias is still partial to buying the euro bargain.
The company is located in:
This trading day EUR / USD buying support at 1.2370 / 50 area, stop loss at 1.2335 below. The selling resistance at the exchange rate is located at 1.2395 / 05, above the stop above 1.2435.