EURUSD Daily Forecast Feb 03 2017

EURO -dollar - 69875

EURUSD, Consolidates With Upside Bias…

With EURUSD failing to take out the key resistance 1.0811, a short-term resistance has been printed at the 1.0811 levels, and a corrective pullback to the key support 1.0684 could be seen in EURUSD…

On the upside, immediate resistance comes at the 1.0811 levels, a break is needed on a daily closing basis to restore the upside momentum, If seen, it will target 1.0872 levels, a break will turn the focus on the 1.0959 levels, further upside, resistance stands at the 1.1110 levels.

On the downside, support comes at the 1.0728 levels ahead of the 1.0684 levels (main). A halt is very likely and a reversal may occur, however; below 1.0684 will bring large consolidation above 1.0594 before the next rising…

Conclusion: The EURUSD continues to face corrective threats below the 1.0811 levels, but the pullback move below 1.0811 should be contained well above 1.0684 levels where rebound is very likely…

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