Despite a largely positive EU and German ZEW Survey, the EURUSD pair is under heavy pressure. The latest 20 February EURUSD Intraday Technical Outlook shows what level the pair currently trades.
20 February, OctaFX – The euro has extended intraday trading losses against the greenback during the European trading session, with price-action moving towards the 1.2330 region, as U.S dollar strength prevails. Despite a largely positive EU and German ZEW Survey, the EURUSD pair has continued to move lower, with sellers earlier breaching the key 1.2363 support level.
Traders are increasingly looking towards the 1.2330 support region and the bullish inverted head and shoulders price-pattern across multiple time-frames.
20 February EURUSD Intraday Technical Outlook
- The EURUSD pair is under increasing pressure whilst trading below the 1.2363 level, further selling towards the 1.2292 support level appears possible.
- Only a move above the 1.2363 resistance level can relieve short-term bearish pressures, key intraday resistance is then found at the 1.2390 and 1.2430 levels.
This article about 20 February EURUSD Intraday Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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