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    Technical analysis of EUR/USD for February 08, 2016 2016-02-08

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    Overview:

    • The EUR/USD pair has faced strong support at the level of 1.1069 because resistance became support. So, the strong resistance has been already faced at the level of 1.1069 and the pair is likely to try to approach it in order to test it again. The level of 1.1069 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.1069. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1069 and 1.1238. Also, it should be noticed that the double top is set at 1.1238. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.1069 with the first target at the level of 1.1238. If the trend is be able to break the double top at the level of 1.1238, then the market will continue rising towards the weekly resistance 1 at 1.1325.

    The weekly technical analysis of EUR/USD pair:

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