EURUSD Intraday Forecast Feb 07

EURO-Dollar-min

Recommendations: LONG positions above 1.3554 with 1.3630 & 1.3660 as next targets.

Alternative scenario:The downside breakout of 1.3554 will call for a slide to 1.3510/1.3480.

Description: Intraday outlook in EURUSD is on the upside with risk towards 1.3630 ahead of 1.3660 as long as support 1.3554 holds on hourly basis ,losing 1.3554 levels on hourly basis would weaken the current bullish run and reverse risks to the downside towards 1.3510/1.3480 levels.

Support & Resistance :1.3395 ,1.3455 , 1.3480 ,1.3535 , 1.3554 (Pivot) ,1.3600 , 1.3630 , 1.3660,1.3700,1.3740
Key data/events which may influence EURUSD  today:

1- German Industrial Production (MoM) .Friday at 11:00 GMT .German Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.last read 1.9%,Forecast 0.5%. 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. you may follow this event live here.

2- U.S Non-Farm Payrolls .Friday at 13:30 . Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. Last read 74K ,Forecast 185K.
 Market Impact :

  • A reading within expectations around 150K-200K  will bring sideways move for the USD.
  • A reading above -200K will bring small gains for the USD.
  • A reading above -250K will bring strong gains for the USD.
  • A reading below -150K will bring small decline for the USD.
  • A reading below -100K will bring strong bearish move for the USD.

you may follow this event live here .

3- Unemployment Rate .Friday at 13:30 .The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. Last read 6.7% ,Forecast 6.7% .
 Market Impact :

  • A reading within expectations around 6.5% – 7.0%  will bring sideways move for the USD.
  • A reading above 7.0% will bring small gains for the USD.
  • A reading above 7.5% will bring strong gains for the USD.
  • A reading below 6.5% will bring small decline for the USD.
  • A reading below 6.0% will bring strong bearish move for the USD.

you may follow this event live here.

 

EURUSD Intraday Forecast Feb 07

MARKET DATA

UPCOMING ECONOMIC EVENTS