EUR/USD: key levels and a possibility for long positions

EURUSD forex forecast



Forex forecast EUR/USD 21.02.2018

Our expectations:

An upward trend as the price reaches levels of horizontal and diagonal support where we can look for long positions with SL at 1.2275.

Strong levels of support, including the first support from Pivot Point at levels of 1.2263.

The SMA50 and SMA200 are in a bullish formation as the price is close to the SMA200 which gives a good positioning capability.

Fibonacci 38.2 remains valid, which reinforces the probability of a new upward impulse from the current levels.

DeM (14) reverses in a strongly oversold zone below 0.7 - a positive signal.

Alternative scenario: If the price breaks below the support levels it is likely to lead to a test of 1,22 and this will spoil the bullish scenario.

Trader Nikolay Georgiev

 Varchev Traders

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