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28.02.2023 03:47 PM
Red rectangle- resistance
EURUSD was under pressure in February. After 4 consecutive positive months, EURUSD has reached the horizontal resistance around 1.09. February seems to be showing rejection signs. A pull back is very possible and bulls should be prepared. EURUSD upward move from 0.9535 could very well be complete. Price reached important resistance and is now turning lower. Will bulls manage to form a higher low? Bulls want to see price pull back and form a higher low in order to continue the up trend and form higher highs. So far medium-term trend remains bearish. Recapturing 1.09 is key for the change in medium-term trend.
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