EURUSD Forecast Feb 10-14

EURO-Dollar-min

Recommendations: LONG positions above 1.3550 with 1.3660 & 1.3740 as next targets.

Alternative scenario:The downside breakout of 1.3550 will open 1.3475/1.3455 levels.

Description: The EURUSD Failed to hold below the 1.3475 levels as mentioned last week , as a result , the pair rose and breached above the 1.3572 levels .At the moment 1.3550 will serve as support , stability above this level will keep pushing on the 1.3665 levels .At this point , strong resistance could be seen around this resistance , but break of 1.3664 on a daily basis will push  the pair towards (expose) the 1.3740 levels , further out will aim the 1.3830/1.3892 levels. On the downside , support comes at the 1.3550 levels , losing this level on a daily closing basis will weaken the current bullish run and turn outlook on the 1.3475/1.3455 levels , further losses will aim the 1.3395 levels.

Support & Resistance : 1.3240,1.3325 , 1.3400, 1.3455 ,1.3478 , 1.3550 (Pivot) , 1.3665 , 1.3740 , 1.3832, 1.3892 , 1.3400

Key data/events which may influence EURUSD  this week:
  • U.S Fed’s Yellen Speech , Tuesday at 15:00 GMT . Yellen will testify on the Semiannual Monetary Policy Report before the House Financial Services Committee, in Washington DC. Market Impact :A hawkish outlook is seen as positive (or bullish) for the USD, while a dovish is seen as negative (or bearish)for the USD.
  • ECB President Draghi Speaks . Wednesday at 15:30 GMT . He will  speak at the European Monetary Institute’s “Progress through Crisis” Conference organized by the European Central Bank and National Bank of Belgium, in Brussels. Market Impact : A hawkish outlook is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish) for the EUR.
  • U.S Core Retail Sales (MoM).  Thursday at 13:30 GMT . Core Retail Sales measures the change in the total value of sales at the retail level in the U.S., excluding automobiles. It is an important indicator of consumer spending and is also considered as a pace indicator for the U.S. economy. Last read 0.7% ,Forecast 0.1% . Market Impact :A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • U.S Initial Jobless Claims. Thursday at 13:30 GMT . Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Last read 331K ,Forecast 330K . Market Impact : A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
  • U.S Retail Sales (MoM) . Thursday at 13:30. Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.Last read 0.2% ,Forecast 0.3% . Market Impact : A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • U.S Fed’s Yellen Speech . Thursday at 15:00 GMT . He will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, in Washington DC . Market Impact : A hawkish outlook is seen as positive (or bullish) for the USD, while a dovish is seen as negative (or bearish)for the USD.
  • French GDP (QoQ) . Friday at 06:30 GMT .Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. last read -0.1% ,Forecast 0.2% . Market Impact : A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • German GDP (QoQ). Friday at 07:00 GMT .Gross Domestic Product (GDP) is the broadest measure of economic activity and is a key indicator of economic health. The quarterly percent changes in GDP show the growth rate of the economy as a whole.Last read 0.3%,Forecast 0.3%. Market Impact :A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • French Non-Farm Payrolls (QoQ). Friday at 07:45 GMT .French Non-farm Payrolls measures the change in the number of employed people, excluding the farming industry and government. Last read -0.1% ,Forecast -0.1% . Market Impact :A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
  • U.S Michigan Consumer Sentiment .Friday at 14:55 .The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers. Last read  81.2 ,Forecast 80.7. Market Impact :A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Live Chart Of EURUSD



EURUSD Daily Chart

EURUSD Forecast Feb 10-14

MARKET DATA

UPCOMING ECONOMIC EVENTS

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