EURUSD Daily Forecast Feb 25 2016

EURUSD: Loses the downside momentum, looks to retake minor resistance...

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Short-term outlook in EURUSD remains on the downside, as long as 1.1070 resistance holds on a daily closing basis, support comes at the 1.0985 levels. At this point, I’d still expect strong support from the 1.0985 levels to contain fall from the 1.1375 levels and bring rebound, however; sustained breakout – daily closing – below the 1.0985 levels will suggest large decline towards the 1.0885 levels ahead of the 1.0779 levels…

On the upside, resistance comes at the 1.1070 levels (broken support turned resistance), a clear break will open the main resistance at the 1.1150 levels where fall resumption is likely, break of the 1.1150 levels will restore the upside momentum and turn the focus on the 1.1213/1.1290 levels…

Conclusion: The EURUSD continues to face downside threats below the 1.1070 levels with risk towards the 1.0985 levels, above 1.1070 faces a recovery risk towards the 1.1150 levels before the next fall…

Intraday: As long as 1.0980/1.0997 support holds on a 4-hour closing basis, the pair remains in a recovery mode and further upside couldn’t be ruled out, buy upside move should be limited by the1.1052/1.1080 levels where fall resumption is likely, above 1.1080 will bring strong bullish move towards the 1.1138/1.1182 levels…On the downside, a clear break below 1.0980 may expose the 1.0954 levels and pave the way towards the 1.0890/1.0835 levels…

Note that weekly timeframe suggests a weekly close around /above 1.1059 levels….

Keep an eye on data today: positive data for EURUSD is likely to advance the pair towards resistance levels as technical analysis suggests, negative will challenge support levels…

We have today: Inflation data from the Euro-Zone, U.S durable goods orders and initial jobless claims…

EURUSD Daily Forecast Feb 24 2016

EURUSD Daily Forecast Feb 24 2016-H4

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