Euro/Dollar forecast for today: EURUSD analysis 16.02.2023

The short-term downtrend continued yesterday. The EURUSD traders tried to break through the low of February 13, but failed. They will try to drive the price below the low of February 13 today. If the low is broken through, the sell trades entered at resistance (A) 1.0772 – 1.0761 will yield profits, and the market will continue falling to the Gold Zone 1.0609 – 1.0598.

If the price rises today, it should retest resistance (A). If this resistance zone is broken out, the market will reach the trend border 1.0830 – 1.0814, where one can also enter sell trades.

EURUSD trading ideas for today:

  1. Hold down sell trades entered at resistance (А) 1.0772 – 1.0761.
    TakeProfit: 1.0657.
    StopLoss: at breakeven.
  2. Sell according to the pattern at resistance (В) 1.0830 – 1.0814.
    TakeProfit: 1.0657.
    StopLoss: according to the pattern rules.

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