EUR/USD Daily Forecast – 29 February

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Friday, Feb 26 2016

Euro was pushed lower in the course of the session on Friday, going well below 1.10 handle after better than forecasted US GDP and Consumer Confidence figures, with euro going all the way to 1.09 handle where it found some amount of support. As for Monday, pair is likely to find some amount of support around 1.09 and 1.0850 level in extension, as it was the case yesterday, 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, after we have seen daily closing below 1.10 handle, we are sellers for this pair and believe it could now retest major support at 1.08 handle. We have no interest in buying the pair until we see decisive break above 1.1050 handle.

More in this category: « GBP/USD Daily Forecast – 29 February AUD/USD Daily Forecast – 01 March »

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