For traders of the EURUSD pair, the 13 February EURUSD Technical Analysis shows that the pair has regained the 1.2300 handle and beyond. Read on!
13 February, GKFX –The European currency is extending its positive start of the week on Tuesday and is now lifting EUR/USD back above 1.2300 the figure.
EUR/USD up on risk-on rally
The generalized better mood around the risk-associated universe keeps weighing on the buck during the first half of the week, pushing spot further north of the 1.2300 limestone.
At the same time, the risk-rally is forcing the US Dollar Index (DXY) to break below the critical support at 90.00 the figure for the first time since February 2 despite some positive headlines from the US political scene.
In the meantime, the pair appears to have carved a bottom in recent lows in the 1.2200 neighborhood ahead of tomorrow’s key releases in the US docket: inflation figures tracked by the CPI and retail sales, both for the month of January.
13 February EURUSD Technical Analysis
At the moment, the pair is up 0.29% at 1.2328 and a breakout of 1.2351 (10-day sma) would target 1.2434 (high Feb.6) en route to 1.2524 (high Feb.1). On the flip side, the immediate support emerges at 1.2206 (low Feb.9) seconded by 1.2167 (50% Fibo of the 2014-2017 drop) and finally 1.2165 (low Jan.18).
This article 13 February EURUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.