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EUR/USD is going through a technical correction after braking again at 1.1480 forming a double top at the January high.
The euro tries to hold above the 21 SMA at 1.1420 but lacks strength. Next strong support is at 2/8 Murray around 1.1352.
With a daily close above 1.1440, the euro would point to further strength, enabling another test at 1.1480 and possibly 1.1535 (5/8 Murray).
While tarding below 1.1400, a bearish extension to the 200 EMA located at 1.1331 would be expected, and could drop to 0/8 Murray at 1.1230.
The US Dollar Index (USDX) has found support at 4/8 Murray around 95.31 and is now facing the 200 EMA at 95.90. A break above 96.00 could extend its bounce, weighing on EUR/USD and pushing it down to levels of 1.1200.
The market sentiment report shows that there are 60.77% of traders who are selling the euro. This is a positive sign for the Euro. It is likely that after making a correction towards the 200 EMA, it could resume its uptrend again.
On the other hand, if the number of traders who are buying the euro increases in the next few days above 40%, it is likely that the euro could weaken and we could expect a drop towards 0/8 Murray around 1.1230.
The eagle indicator touched the extremely overbought zone around 95 points. This is a negative sign for the Euro and a correction is likely to be imminent in the next few hours towards 1.1330 and up to 1/8 Murray around 1.1291.
Our trading plan for the next few hours is to expect the euro to trade below 1.1420 to sell with targets towards the 200 EMA at 1.1331. On the other hand, a technical bounce at 1.1331 could give us an opportunity to buy around this zone.
Support and Resistance Levels for February 8 - 9, 2022
Resistance (3) 1.1516
Resistance (2) 1.1474
Resistance (1) 1.1440
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Support (1) 1.1389
Support (2) 1.1365
Support (3) 1.1331
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Scenario
Timeframe H4
Recommendation: sell bellow
Entry Point 1.1413
Take Profit 1.1352; 1.1331
Stop Loss 1.1345
Murray Levels 1.1230 (0/8), 1.1291 (1/8), 1.1352(2/8), 1.1413 (3/8), 1.1474 (4/8)
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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