EUR/USD Daily Forecast – 23 February
Euro was pushed significantly lower in the course of the session on Monday, all the way to 1.10 handle, where it found some amount of support, since that is psychologically important area. The sell-off was mostly due to Brexit concerns. As for tomorrow, we can expect that this will still be of impact on the markets. Pair is likely to find some amount of support around 1.0950 and 1.0930 level in extension, if we see break below 1.10 handle, while area around 1.1080 level which was previously supportive should offer some amount of resistance, at least initially.
On a long-term basis, despite this decline, we would first like to see break below 1.10 handle before starting shorting market as this would lead toward 1.08 handle. Buying is not an option at the moment, and we would first need to see break above 1.12 handle before we would consider placing any buying bids.
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