EUR/USD Daily Forecast – 01 March

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Monday, Feb 29 2016

Euro was pushed lower in the course of the yesterday's session going all the way to 1.0860 level, with decline mostly due to quite disappointing Eurozone CPI figures. As for Tuesday, pair is likely to find some amount of support around 1.0830 and 1.08 level in extension, as this is the bottom of recent consolidation range, while area around 1.0950 level which was previously supportive should offer some amount of resistance, at least initially, and then 1.0980 level in extension in a case of a larger uptrend.

On a long-term basis, after we have seen daily closing below 1.10 handle on Friday, 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 – 01 March AUD/USD Daily Forecast – 02 March »

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