In February, the euro/dollar pair is trading with some downward pressure below the SMA of 21 and below the 4/8 of Murray.
On the daily chart, you can see that the EUR/USD pair is below the 21 moving average. This is a sign that there is strong downward pressure.
The current support level at the 1.2085 area and the 3/8 Murray level is likely that the downward pressure will take it to the support of 1.1962 (Murray 2/8), it is the immediate objective and support area for the current bearish cycle.
On the other hand, a break above Murray's 4/8, around 1.2207, could have a bullish move to the 1.2350 high zone.
Our recommendation is to sell below 1.2085 or if there is a pullback towards the 21 SMA level around 1.2173, this will be a good selling point, the eagle indicator is showing bearish signal.
Market sentiment for today February 1 shows a 55% percentage of traders who are selling the EUR / USD pair, this is a sign that a fall could occur in the short term to the 1.1962 support zone.
Support And Resistance Levels For February 01 - 02, 2021
Resistance (1) 1.2125
Resistance (2) 1.2162
Resistance (3) 1.2224
Support (1) 1.2068
Support (2) 1.2040
Support (3) 1.2009
Trading tip for EUR/USD for February 01 - 02, 2021
Sell below 1.2085 (3/8 Murray) with take profit at 1.2005 and 1.1962 (2/8), stop loss above 1.2130.
Sell if pullback at 1.2173 (SMA 21) with take profit at 1.2120 and 1.2085 (3/8 of murray), stop loss above 1.2207.
