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EUR/USD Technical Analysis & Daily Chart

Published on: 28/02/2017

General Analysis

Since the beginning of February the rate for the EUR/USD currency pair has started to decline and has now approached the support level at 1.0550.

The level 1.0550 has acted as resistance level for the price previously. Also, the price tested it on both sides and now it has approached the level of 1.0550 again and the decline has stopped. The last drop to this support was last week and the price successfully strayed up from it.

This week the price again approached the level of 1.0550 and the last two daily candles closed as dojis, thereby forming a bottom.

Moreover, today we should pay attention to news coming out of the USA, as we are going to see the publishing of the data about the United States GDP, the Consumer Confidence rate and we have a speech by President Trump. Usually the output of such data has a significant impact on the market movement.

We recommend expecting major news from the USA and, if there are no big surprises, opening the deal to buy after the formation of a "double bottom" at the level of 1.0550.

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