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Feb 17, 2024 1:57 PM

EUR/USD Daily Chart Analysis For Week of Feb 16, 2024 

Euro Fx/U.S. DollarFXCM

Description

Technical Analysis and Outlook:
The Eurodollar experienced a decline during this week's trading session. It crossed our Mean Support level of 1.074 and Inner Currency level of 0.075 before quickly bouncing back to the Mean Resistance level of 1.079. Currently, the currency is in a primary downward trend and is expected to continue until it reaches the Inner Currency Dip of 1.065 via Mean Sup 1.071. However, an intermediate price trading at Mean Res 1.079 may cause a potential extension to 1.084.
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