Chart of the day - EURUSD (05.02.2021)

08:31 5 February 2021

EURUSD broke below the psychological support at 1.20 yesterday, hinting that a deeper decline may be looming. Moreover, the pair has also broken below the 100EMA on D1 interval. Nevertheless, it is worth noting that corrections of a similar size have occurred twice since March 2020 and they did not manage to derail the uptrend. According to the Overbalance methodology, as long as the price stays above 1.1930 handle, bulls may regain advantage. Traders should expect elevated volatility on EURUSD at 1:30 pm GMT, when the US labour market data is released.

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back

Join over 1.4 Million investors from around the world