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EUR/USD Daily Forecast – 02 February

Monday, Feb 01 2016

Euro was pushed higher in the course of the Monday's session, going all the way to 1.09 handle, where it found some amount of resistance. There were no major data releases so this uptrend is just a continuation of recent consolidation. As for tomorrow, any type of supportive candles around 1.08 handle would offer short-term buying opportunity, while resistive candles around 1.0950 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, especially near 1.10 handle.

More in this category: « GBP/USD Daily Forecast – 02 February AUD/USD Daily Forecast – 03 February »

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