EUR/USD Daily Forecast – 01 February

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Friday, Jan 29 2016

Euro spent most of the Friday's session in a decline, after it was unable to break above 1.0950 area. Pair went as low as 1.08 handle where it found some amount of support, and rebounded slightly by the end of the session. This is just another sign that there is no clear in this pair which remains within its consolidation range. As for Monday, any type of supportive candles around 1.08 handle would offer short-term buying opportunity, while resistive candles around 1.09 level would be short-term selling signal.

In long-term trends, we would remain on the sidelines for this pair as long as we are within this consolidation, but Friday's fall indicates that there is a certain amount of bearish pressure in the pair so we would use short-term rallies as selling opportunities.

More in this category: « GBP/USD Daily Forecast – 01 February AUD/USD Daily Forecast – 02 February »

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