EURUSD Forecast Feb 04 2014


Recommendations: SHORT positions below 1.3572 with 1.3510 & 1.3475 as next targets.

Alternative scenario:The upside breakout of 1.3572 will open 1.3600/1.3630 levels.

Description: Intraday outlook in EURUSD is on the downside as long as 1.3572 holds on hourly basis , support around 1.3510 , below this level will open 1.3480 ahead of 1.3455 levels , further out will aim the 1.3400 levels.On the upside , break of 1.3572 on hourly basis will extend gains to 1.3600 ahead of 1.3630 levels.

Support & Resistance :1.3395 ,1.3455 , 1.3480 ,1.3510 , 1.3572 (Pivot) ,1.3600 , 1.3630 , 1.3660,1.3700

Key data/events which may influence EURUSD  today:
The EURUSD gained yesterday after positive German Manufacturing PMI and negative US ISM Manufacturing PMI , but those numbers are not strong enough to send the pair beyond the 1.3572 levels.
There’s no critical data from US nor the Euro zone today , so the EURUSD is likely to enjoy yesterday’s rise today , any rise towards 1.3750/1.3572 levels is a great chance to short the pair ..tomorrow focus will be on French and German services PMI from EURO Zone , from US we have ADP Non-Farm Employment Change & ISM Non-Manufacturing PMI , till then , sideways moves within 1.3480/1.3570 range are suggested…
EURUSD 1 Hour Chart
EURUSD Forecast Feb 04 2014




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