EUR/USD Daily Forecast – 03 February

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Tuesday, Feb 02 2016

Euro spent most of the yesterday's session in an uptrend, forming support slightly below 1.09 handle, but with resistance around 1.0940 area. Euro remains within its consolidation range without any clear trend at the moment, so we do believe it is best to just observe this market for now. As for tomorrow, any type of supportive candles around 1.0850 handle would offer short-term buying opportunity, while resistive candles around 1.0950 and 1.0980 level in extension 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 when pair was near 1.10 handle 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 – 03 February AUD/USD Daily Forecast – 04 February »

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