The EUR / USD pair is consolidating above the 38.2% of Fibonacci retracement (1.2060) of its advance of November 04 at 1.1601 towards the January 06, 2021 high of 1.2346, this level has been a barrier to a stronger fall of the euro-dollar.
The 38.2% Fibonacci retracement level is located at 1.2060, on 3 opportunities the EUR / USD pair has bounced above this level.
In 1 hour charts, the EUR / USD is showing a bullish signal, at the opening of the Asian session it is bouncing above the 38.2% Fibonacci, in the next few hours we expect it to continue its bullish movement until 1.2140.
The simple moving average of 21 is located below the price and is supporting the possibility of a bullish movement in the short term, the eagle indicator is showing a bullish signal in 1 hour charts.
If the pair remains above 1.2160 it is expected to continue bouncing to the 200 EMA and a break above 1.2140, its next target is the 23.6% Fibonacci level at 1.2170.
Conversely, a daily close below 1.2060 the EUR / USD could fall to the imminent support of 1.1962 which coincides with Murray's 2/8 zone.
The market sentiment for today February 2, shows 50.35% of operators who are selling the EUR / USD, this is a sign that in the medium term a fall could occur to the level of 1.1962, for now we expect a technical rebound.
Support And Resistance Levels For February 02 - 03, 2021
Resistance (1) 1.2125
Resistance (2) 1.2163
Resistance (3) 1.2193
Support (1) 1.2029
Support (2) 1.2002
Support (3) 1.1949
Trading tip for EUR/USD for February 02 - 03, 2021
Buy above 1.2085 (3/8 Murray) with take profit at 1.2140 (EMA 200) and 1.2170 (23,6% Fibonacci retracement), stop loss below 1.2050.
Buy if rebound at 1.2060 (38,2% Fibonacci retracement) with take profit at 1.2140 (EMA 200) and 1.2170 , stop loss below 1.2025.
