EUR / USD Does Not Go Down, U-Turn Rises Back To Resistance Zone - Kakiforex | Forex markets for the smart money. EUR / USD Does Not Go Down, U-Turn Rises Back To Resistance Zone EUR / USD Does Not Go Down, U-Turn Rises Back To Resistance Zone

February 25, 2021

EUR / USD Does Not Go Down, U-Turn Rises Back To Resistance Zone

 The US dollar was still weak towards the weekend as markets continued to react to Federal Reserve (Fed) Chairman Jerome Powell's statement on central bank policy.


U.S. Treasury yields showed gains in recent months, but the Wall Street market, which showed a rise, continued to put pressure on US dollar trading.


Positive market sentiment and weakening US dollar will continue to provide space for other major currencies to take advantage of increased opportunities in the market.


The start of the New York market session yesterday saw the US dollar slightly strengthen but re-moved slowly until the trading session ended.


On the EUR / USD currency pair price chart, the price dropped to the level of 1.21100 before the price rose again to the resistance zone of 1.21800-1.21500.


Investors are still seeing signals for the price to continue rising on the bullish trend after the price moves back above the Moving Average 50 (MA50) support level within the 1 hour time frame of the price movement.



However, last week's resistance zone still failed to penetrate until it resumed trading on Thursday.


If the climb is successfully continued past the resistance zone, the high level at 1.22500 will be the next focus to record the latest high of 7 weeks.


If prices continue to break through the resistance zone and make a downtrend below the MA50 barrier, early signals for a bearish trend change will expect the price to move towards the support level around 1.20900.