EURUSD Daily Forecast Feb 23 2015

Outlook in EURUSD remains neutral at the moment , trapped within 1.1294 /1.1539 range. On the downside , support comes at the 1.1294 levels , losing this level on a daily closing basis is needed to restore the downside momentum , If seen focus will be on the 1.1096 levels ,  a cut would open 1.1000 next , further down will target the 1.0900 levels.

On the upside , resistance comes at the 1.1539 levels , break of the 1.1539 levels on a daily closing basis will suggest that rise from the 1.1096 levels is resuming , If seen , the pair will recapture the 1.1679 levels , a halt is likely but a break would open 1.1869 levels.

In all , the EURUSD is likely to consolidate within  1.1294 /1.1539 levels , below 1.1294 will open 1.1096/1.1000 levels while above the 1.1539 levels will open 1.1679/1.1869 levels…

Note that the pair has been trading sideways for more than 3 weeks , probably EURUSD is not a good currency to trade at the moment , but you can also buy on dips and sell at resistance with small stop – risk – till the pair breaks out of current range…

On the 4 hour chart , resistance remains at the 1.1442 levels , stability below this level will keep the pair under pressure , a clear break above this level will build pressure on main resistance on daily at 1.1539 levels. On the downside main support comes at the 1.1261 levels , sustained breakout on a 4 hour closing basis below this level will bring a lower leg below the 1.1096 levels..

 

EURUSD Daily Forecast Feb 20 2015

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