EUR/USD Daily Forecast – 05 February

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Thursday, Feb 04 2016

Euro continued its uptrend in the course of the yesterday's session breaking above 1.12 handle, still being supported by believes that Fed is not likely to rise rates in 2016. Pair found some amount of resistance around 1.1240 handle but it is likely that it will try to break further higher. Pair is likely to find support around 1.1150 handle, which was previously resistive, and resistance near 1.13 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 Thursday'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 – 05 February AUD/USD Daily Forecast – 08 February »

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