EUR/USD Daily Forecast – 11 February

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Wednesday, Feb 10 2016

Euro was pushed lower after Janet Yellen's testimony in the course of the yesterday's session, but found area around 1.1180 level to be supportive enough in order to rebound completely by the end of the session thus forming a hammer as a daily candle which is of course a postive sign. Tomorrow, we can expect some amount of support around 1.12 handle, previous resistance and yesterday's low, and resistance above 1.1350 handle, and 1.15 handle in extension.

In long-term trends, ever since we broke consolidation area, we have no interest in selling this pair, especially with yesterday's hammer. Supportive candles on pullbacks would offer buying opportunity as well as break above Tuesday's highs. We believe that pair could now aim towards 1.15 handle.

More in this category: « GBP/USD Daily Forecast – 11 February AUD/USD Daily Forecast – 12 February »

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