EURUSD Trade Analysis for 8th Feb,2023

The instrument really played well yesterday and it finally rebounded back couple of 100 points. Which clearly shows the pause to the down trend. We can probably see a Range up till 1.07600 if bulls comes into play. Following are some of the levels which needs to be taken care off.

7th Feb -
DH - 1.0767
DL - 1.0669

Pivot - 1.0720

* R1 - 1.0770 , S1 - 1.0673
* R2- 1.0817 , S2 - 1.0622
* R3 - 1.0917 , S3 - 1.0525

If the instrument reaches back to 1.0750 level then we can take it as a mild bullish behavior of the pair.
* If Pivot is not broken then it may fall to S1 level and finally to S2 and then a possible downside momentum would start again.

* A move through 1.07665 would again signal a bullish behavior of the pair.
* A fall fall through Pivot would bring the pair to S1 and a sell off of 1.0650 should be avoided for a major downtrend move.
* If the pair falls though S1 THEN IT MAY BRING THE INTRUMENT TO 1.0622 AND 1.0600
* However if it moves up the pivot and stays there then we can see a rally till 1.07513 and 1.0770 with a possible target of 1.0817

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