EURUSD Daily Forecast Feb 02 2016

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EURO-Dollar-min

Outlook in EURUSD has turned neutral at the moment. The pair remains trapped between 1.0779/1.0730 and 1.0990 range…

On the upside. Above 1.0990 levels will suggest that rise from the 1.0517 levels is resuming. If seen, it will pave the way towards the 1.1095 levels. A further upside, resistance comes at the 1.1266 levels ahead of the 1.1350 levels…

On the downside. Support comes at the 1.0779/1.0730 levels. A clear break below this area will put the pair under heavy pressure and turn the focus on the 1.0630/1.0565 levels…

Conclusion: The EURUSD continues to consolidate with upside bias above the 1.0730 levels in the medium term outlook…….

Notes:

Intraday: According to the 4-hour timeframe; The pair is neutral within 1.0835/1.0925 levels. Above 1.0925 will open – may expose – the 1.0990 levels, below 1.0835 will turn the focus on the 1.0779/1.0730 levels…

On weekly timeframe: the pair remains in a recovery mode as long as trades above the 1.0461/1.0567 levels and further upside towards the 1.1104 levels couldn’t be ruled out, so….break of the 1.0990 levels on a daily closing basis will open weekly target at the 1.1104 levels even in the case of a pullback….

EURUSD Daily Forecast Feb 02 2016

 

MARKET DATA

UPCOMING ECONOMIC EVENTS