EURUSD Daily Forecast Feb 04 2015

The EURUSD corrected higher yesterday , broke above the 1.1422 levels , reached 1.1533 levels . As a result outlook remains neutral with risk to the upside , but note that the pair is so close from the key resistance 1.1539 levels , If this level fails , further upside is likely towards the 1.1679 levels.

On the 4 hour time frame , the pair is bullish as long as 1.1450 holds on a 4 hour closing basis , resistance comes at the 1.1545 levels , a halt is likely , but a clear break would open 1.1679 next , further upside will target the 1.1800 levels.

On the downside , support comes at the 1.1450 levels , sustained breakout below this level will bring a corrective pullback  above the 1.1350 levels before the next possible rise , however ; a clear break below the 1.1350 levels is needed to restore the downside momentum ,If seen , focus will be on the 1.1223 levels ahead of the 1.1100 levels..

In all , as long as 1.1450 support holds on a 4 hour closing basis , outlook in EURUSD remains on the upside towards the 1.1539 ahead of the 1.1679 levels , below 1.1450 will bring a corrective pullback ¬†above the 1.1350 levels before the next rise…

 

EURUSD Daily Forecast Feb 04 2015

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