EURUSD potential remains to push through 1.2200/30 handle

12 feb 2021

EURUSD continues trading in a range raising probabilities for a push through 1.2200/30 handle. It is also close to fibonacci 0.618 of the entire drop between 1.2350 and 1.1950 levels respectively. The overall trend continues to remain bearish until prices stay below 1.2350 resistance and bears might be inclined to take control from around 1.2200 mark. They remain poised to push through 1.1600 levels in the next few weeks to mark a much deeper corrective drop. Alternately if prices push beyond 1.2350 levels, it would void the above bearish structure.

Short against 1.2350, towards 1.1600.