Technical Analysis EURUSD : 2021-02-19

Recommendation for EUR/USD:Buy

Buy Stop : Above 1.2142

Stop Loss : Below 1.2082

Indicator Value Signal
Donchian Channel Neutral
MA(200) Buy
Fractals Buy
Parabolic SAR Buy
On Balance Volume Buy

Chart Analysis

The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is rebounding above the 200-period moving average MA(200) which is rising itself. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2142. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.2082. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Germany’s manufacturing expansion continues in February. Will the EURUSD rebound continue?

Germany’s manufacturing expansion continues in February: Markit reported German Manufacturing PMI rose to 60.6 for February from 57.1 in January, when a decline to 56.6 was forecast. This is bullish for EURUSD.

This is also helped by the weak DXY. Its in a strong downtrend