EURUSD Technical Analysis: 24 February 2023

On the daily chart, EURUSD broke the trend-line creating a new supply zone around 1.09052-1.10313 levels and showed enough bearish evidence to the downside.

Price was able to break below the 1.0700 support zone and move down near the demand zone around 1.03948-1.05547 levels.

If this demand zone holds and price retraces back up, we have to targets: 1.07000 and 1.09052 levels.

If price breaks below 1.03948 level, the next potential target is 1.01950 level.

On the 1-hour chart, we have a fresh demand zone around 1.04831-1.05447 levels where price can correct and retrace back up to 1.06374 and 1.07000 support levels before resuming its downward move.

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