EURUSD Trendlines and Fibonacci Update

2026-02-04 · Forex · QuoteReporter

EURUSD Trendlines and Fibonacci Update

Published: February 04, 2026

Technical Analysis

1. MARKET OVERVIEW:
The EURUSD forex pair is currently trading at 1.18258, displaying a clear uptrend in the short, medium, and long term. This is based on the moving averages (MAs) with periods of 21 (short term), 50 (medium term), and 200 (long term) days. The pair’s price is above all of these MAs, indicating a bullish bias in the market.

2. TREND ANALYSIS:
In the short term, the price is above the MA21, indicating an uptrend. Similarly, in the medium term, the price is above the MA50, also pointing towards an uptrend. Lastly, in the long term, the price is above the MA200, which also indicates a bullish trend. This confirms the overall trend of EURUSD is upward.

3. SUPPORT AND RESISTANCE ANALYSIS:
– Support 1 at 1.17985 is the closest to the current price and is expected to be the first level where price might find some support on any downward retracement.
– Support 2 at 1.16107 is the middle support and is significant as it aligns with the MA200. This level might provide a strong support if price retraces further down.
– Support 3 at 1.15962 is the furthest and may act as a last line of defense for the bulls.

– Resistance 1 at 1.20922 is the closest to the current price and will be the first hurdle for the bulls to overcome.
– Resistance 2 at 1.21424 is the middle resistance and overcoming this level could further strengthen the uptrend.
– Resistance 3 at 1.22708 is the furthest and breaking this level could lead to a strong bullish move.

The most critical levels for traders to watch would be Support 1 and Resistance 1 as they are the closest to the current price.

4. FIBONACCI LEVEL ANALYSIS:
The 23.6% retracement level at 1.16753 is the closest Fibonacci support level to the current price. This level might act as a significant support if the price retraces downwards. On the upside, the 0.0% level at 1.20819, which is close to Resistance 1, could act as a significant resistance level.

5. OVERALL TECHNICAL OUTLOOK:
The overall technical outlook for the EURUSD appears to be bullish. The price is above all the MAs, indicating a clear uptrend. The Fibonacci retracement levels also suggest that the price has room to move upwards before meeting significant resistance. However, traders should watch the support and resistance levels closely for potential reversals or a continuation of the trend.

Fibonacci Retracement Levels