The Euro surged against the US dollar after majority of French Flash Manufacturing and Services PMIs and German Flash Manufacturing and Services PMIs went stronger than forecasted some hours ago.

Yesterday’s EURUSD trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240221/eurusd-intraday-analysis-and-trading-plan-for-february-21-2024

I am now 1 win and 11 losses. 9th lose streak continues!

Re-assessing the EURUSD’s high timeframe candles:

Yearly Candle: Last check was a Red Shaven Head now a Small Red Hammer

Monthly Candle: Last check was a Red Doji now a Small Green Hammer

Weekly Candle: Last check was a Green Long Upper Shadow now a Green Body

Daily Candle: Yesterday’s close was a Small Green Hammer with Short Head Wick current is a Green Body

The Euro may have already found the bottom as the high timeframe candles evolved into bullish structures.

EURUSD buyers continue to control the momentum this week. In yesterday’s price action, bulls have broken and back-tested the 1.08.

The newly established 4H FVG coincides a silver crossing! After a successful backtesting of 1.08 from resistance into a support, further intraday breakout towards the 200-MA.

From here, I’m changing my instance to a bullish point of view. With continuous buying momentum, the 1.10 might be the next target once nearby pullbacks offer supports.

With the DXY weakening after the 104 support got broken down, EURUSD might continue moving higher.

Although, the US Dollar index has found nearby 103.50 support, Euro bulls have already overtaken after a successful holding on the newly bullish 4H FVG.

I will set a long order on the upcoming pullback, with a probable 50% correction on the current 4H candle as my entry.

My take profit targets the 1.10 resistance that might be the key play in the following weeks.

I maintained bearish calls for EURUSD previously, but for now at least short to mid-term, I’m adapting based on the current price actions.

In any case, this bullish run is just a mere dead cat bounce, I will set the stop loss at 1.0720 for a slight 1to1 risk reward score.

Let’s see if my analysis goes this time as I am going to end my lose streak on EURUSD..

EURUSD Intraday Analysis and Trading Plan For February 22, 2024

Feb 22 2024

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