EURUSD Intraday Forecast Feb 05

EURO-Dollar-min

Recommendations: SHORT positions below 1.3572 with 1.3480 & 1.3455 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 1.3500 , below this level will open 1.3475 ahead of 1.3455 levels , further out will aim the 1.3400 levels.On the upside , resistance at 1.3535 ahead of 1.3572 (main) , 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 ,1.3535 , 1.3572 (Pivot) ,1.3600 , 1.3630 , 1.3660,1.3700
Key data/events which may influence EURUSD  today:

  • French Services PMI .Wednesday at 08:48 GMT .The French Services Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the services sector. Forecast 48.6 as previous read .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 Services PMI .Wednesday at 08:53 GMT . The German Services Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the services sector.Forecast 53.6 as last read .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 ADP Non-Farm Employment Change . Wednesday at 13:15 . The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile. Last read 238 K , Forecast 218 K .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 ISM Non-Manufacturing PMI .Wednesday at 15:00 .It measures the level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry . Last read 53 ,Forecast 53.8.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.

      

I’m gonna update the pair after data from EURO zone

EURUSD Intraday Forecast Feb 05

 

 

 

MARKET DATA

UPCOMING ECONOMIC EVENTS