EURUSD Daily Forecast Feb 17 2017

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EURUSD Recovers With Caution!

Outlook in EURUSD has turned neutral, the pair remains in a recovery mode as long as trades above the 1.0573/1.0608 levels on a daily closing basis and further upside could be seen, but upside above 1.0573 should be limited by the 1.0708 levels where rejection is very likely, however; a breakthrough the 1.0708 levels will turn outlook bullish and pave the way to the 1.0828 levels…

On the downside, support comes at the 1.0608 levels ahead of the 1.0573 levels, a cut through the 1.0573 levels will restore the downside momentum and turn the focus again on the 1.0524/1.0480 levels.

Conclusion: The EURUSD continues to face recovery threats above the 1.0573 levels, below 1.0573 sees a fall risk to the 1.0524/1.0480 levels…

Note: 

According to the 4-hour timeframe, we have inside bar pattern, which suggests short-term reversal, this scenario may bring a buying opportunity above the 1.0573 levels. Minor support levels: 1.0652, 1.0632,1.0590. while resistance comes at the 1.0679 levels, a break will turn the focus on the 1.0735 levels, next resistance comes at the 1.0796 levels.

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