EUR/USD Daily Forecast – 18 February

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Wednesday, Feb 17 2016

Euro was initially pushed higher the course of the Tuesday's session, but found area around 1.1180 handle to be resistive enough once again, in order for pair to pullback in the US part of the session all the way to 1.11 handle after FOMC Meeting Minutes. As for tomorrow, we can expect some amount of support around 1.1050 handle, previous resistance and 1.10 level in extension, while area around 1.12 handle, should offer some amount of resistance.

In long-term trends despite this recent downtrend, we have no interest in selling the pair as long as we are above 1.10 handle. Despite this decline, we would still not start shorting the market as there is significant amount of support at 1.1050 and 1.10 handle. Supportive candles on pullbacks could be offering buying opportunity at the moment.

More in this category: « GBP/USD Daily Forecast – 18 February AUD/USD Daily Forecast – 19 February »

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