EURUSD Daily Forecast Feb 05 2020

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EURUSD: Still Faces Pullback Threats With Caution…

As long as 1.1058 resistance holds on a daily closing basis. The EURUSD remains in a pullback mode and further down couldn’t be ruled out. Support comes at 1.1035 levels. A cut would open 1.1000 next. At this point, I’d expect as strong support from 1.1000 level to contain the corrective pullback and bring rebound. Anyway; below 1.1000 sees a falling threat to 1.0970/1.0943 levels.

On the upside, immediate resistance comes at 1.1058 levels ahead of 1.1095 levels. Above 1.1095 will restore the upside momentum and aim the 1.1125 levels, further upside, resistance comes at 1.1160 levels.

In conclusion: The EURUSD faces pullback threats below 1.1095/1.1058 levels with caution…

Support: 1.1035, 1.1000, 1.0970, 1.0943, 1.0900, 1.1855

Resistance: 1.1058, 1.1095, 1.1125, 1.1160, 1.1200, 1.1228

Key data/events which may affect EURUSD today:

  • 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.

EURUSD Daily Forecast Feb 05 2020