Euro/Dollar forecast for today: EURUSD analysis 11.02.2022

Yesterday, the key support of the short-term euro uptrend 1.1395 – 1.1386 was tested. This led to a buyers’ reaction. As a result, the local February 4 high was updated. The traders also tried to break out the Target Zone, but their attempts failed.

After updating February 4 high, large purchases were exited, and the price went into correction. Yesterday, the trend key support was reached, which shifted to the zone of 1.1406 – 1.1398. Today, traders are breaking out key support and trying to consolidate the price lower. If the European trading session opens below the zone, it will be possible to consider short trades with the target in the Target Zone 1.1318 – 1.1301.

EURUSD trading ideas for today:

If the price consolidates below Intermediary Zone 1.1318 – 1.1301 — sell on retest.

TakeProfit: Target zone 1.1318 – 1.1301.

StopLoss: 1.1445.

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