EURUSD Intraday Forecast Feb 13

EURO-Dollar-min

Recommendations: SHORT positions below 1.3640 with 1.3600 & 1.3555 as next targets.

Alternative scenario:The upside breakout of 1.3640 will open 1.3680 /1.3710 levels.

Description: Intraday outlook in EURUSD is neutral with risk to the downside as long as resistance 1.3640 holds on hourly closing basis , support around 1.3555 , a clear break will resume fall from the 1.3680 levels towards the 1.3480 levels.On the upside , sustained trading above the 1.3640 levels will suggest that fall from 1.3680 is over at 1.3557 levels , If seen the pair will recapture the 1.3680 levels where a breach will turn focus on the 1.3710/1.3740 levels.

Support & Resistance :1.3500 , 1.3550 ,1.3600 , 1.3640 (Pivot)  , 1.3682,1.3710,1.3740

Key data/events which may influence EURUSD  today :
  • 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 . She 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.
EURUSD Intraday Forecast Feb 13

MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. Break of 1.3640 has printed support at 1.3617 ahead of 1.3557 levels , as long as 1.3557 holds , the pair is likely to consolidate around / above 1.3617 levels before the next leg up……..losing 1.3557 will have large bearish implication towards 1.3480 and lower………

Comments are closed.