EUR/USD Daily Forecast – 04 February

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Wednesday, Feb 03 2016

Despite mixed US figures and major data releases from Eurozone, yesterday, Euro was pushed strongly up, all the way to above 1.11 handle, thus breaking above long standing consolidation range which is of course quite bullish sign and pair could be now heading towards 1.12 handle and even higher. Pair is likely to find support around 1.1050 handle, which was resistance for so long now, and resistance near 1.12 area, break above which would mark serious uptrend, so this is where we would place short-term buying and selling bids.

With this uptrend we have no interest in selling this pair at the moment. Supportive candles around 1.10 handle could offer buying opportunity as well as break above Wednesday's highs. If pair breaks above 1.1250 handle it could easily continue all the way to 1.15 handle.

More in this category: « GBP/USD Daily Forecast – 04 February AUD/USD Daily Forecast – 05 February »

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