EurUsd- Bullish Engulfing to mark the end of correction

2021年2月8日

When it comes to EurUsd, one thing is clear, the long term trend is up and the drop from 1.2350 to 1.1950 is in a corrective manner.
On Friday the pair reversed exactly from 1.1950 which is an important horizontal level and slightly under 50% Fibo retracement of 1.16-1.235 leg up, putting in a nice bullish engulfing on our daily chart.
At the time of writing EurUsd is trading at 1.2038, slightly under 1.2050 resistance and a pullback is probable.
This pullback can give bulls the opportunity to open long position against the recent low and targeting 1.2280 resistance zone