EUR/USD Daily Forecast – 08 February

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Friday, Feb 05 2016

Euro was pushed lower in the course of the Friday's session mostly due to better than forecasted US Unemployment Rate figures. Pair broke below 1.12 handle, but managed to stay above 1.11 handle until weekly closing. With no major data releases on Monday we can expect a bit steadier session. We can expect some amount of support around 1.1050 area, which was previously resistive and resistance above 1.12 handle which is a major resistive point despite last week's break above it.

Despite this decline, we must bare in mind recent break above consolidation range and at the moment we have no interest in selling this pair. 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 – 08 February AUD/USD Daily Forecast – 09 February »

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