EURUSD: Bullish But Hesitates Ahead Of 1.1095 Levels…
The EURUSD maintained a bullish momentum on Friday. Bottomed at 1.1015 level and topped at 1.1095 level. Now the focus will turn to 1.1095 level. The EURUSD will to break and hold above 1.1095 level on a daily closing basis to push the market for further upside gains. If seen it will target 1.1125 level. A halt is likely, it may test 1.1095 before attempts to break higher. However; above 1.1125 aims 1.1160 level, further upside, resistance comes in the 1.1200 levels.
A spike to 1.1125 followed by a daily closing below 1.1095. It’s a sign of a possible reversal. If seen the focus will turn to 1.1055/1.1015 levels…
Alternatively, a failure to hold and break above 1.1095 level could mean a return to 1.1055 level. A cut through support aims the 1.1015 level (main). Sustained trading – daily closing below that level will reverse risk to the downside to 1.0970 level. The next support comes in the 1.0943 level ahead of 1.0900 level.
In conclusion: The EURUSD sees upside threats above 1.1015/1.1055 levels…
Support: 1.1055, 1.1015, 1.0970, 1.0943, 1.0900, 1.0855
Resistance: 1.1095, 1.1125, 1.1160, 1.1200, 1.1228, 1.1270
Key data/events which may affect EURUSD during this week:
- German Manufacturing PMI (Jan) on Monday at 08:55 GMT. The forecast is to rise by 45.2, from 43.7 a month earlier.
- U.S ISM Manufacturing PMI (Jan) at 15:00 GMT. The forecast is to rise by 48.5, from 47.2 in the preceding month.
- ECB President Lagarde Speaks in Paris on Wednesday at 12:15 GMT.
- U.S ISM Non-Manufacturing PMI (Jan) on Wednesday at 15:00 GMT. The forecast is to rise by 55.1, from 55.00 a month earlier.
- ECB President Lagarde Speaks in Brussels on Thursday at 10:00 GMT.
- U.S Nonfarm Payrolls (Jan) on Friday at 13:30 GMT. The forecast is to rise by 161K, from 145K a month earlier.
- U.S Unemployment Rate (Jan) on Friday at 13:30 GMT. The forecast is to remain unchanged as the previous month at 3.5%