EURUSD NEXT POSSIBLE MOVE

EURUSD

As of February 18, 2025, the EUR/USD pair is trading near the 1.0475 level, following a recent pullback after last week's sharp rally.
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Technical Overview:

Current Price: Approximately 1.0475
Resistance Levels: 1.0500, 1.0600
Support Levels: 1.0450, 1.0420, 1.0400
Technical Indicators:

Relative Strength Index (RSI): The RSI has eased to 59 but remains in positive territory, indicating that the recent rally may not be over yet.
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Moving Averages: The pair is trading above the 20-day Simple Moving Average (SMA), suggesting that dips might attract renewed buying interest.
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Trade Recommendation:

Given the current technical indicators and market conditions, initiating a sell position could be considered if the price fails to break above the 1.0500 resistance level.

Entry Point: Sell at 1.0460
Take Profit (TP): 1.0400
Stop Loss (SL): 1.0500
Risk Management:

This trade setup offers a 1:1 reward-to-risk ratio. Ensure that your position size aligns with your risk tolerance and overall trading strategy. Given the current volatility, it's crucial to employ strict risk management practices.

Conclusion:

The EUR/USD pair is currently experiencing a technical correction after a strong rally. If the price fails to break above the 1.0500 resistance level, a selling opportunity may arise. Traders should monitor price action closely and manage risk appropriately.

Disclaimer: Trading forex carries a high level of risk and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.