EUR/USD Daily Forecast – 24 February
Euro tried to go higher in the course of the yesterday's session, but pulled back from 1.1050 area, which was previously supportive, and tested 1.10 handle as a support. Since this a major psychologically important level, pair find some amount of support in this area. As for tomorrow, 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 1.1050 level which was previously supportive should offer some amount of resistance, at least initially, and then 1.1080 level in extension.
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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