EUR/USD Daily Forecast – 02 March
Euro was initially pushed higher in the course of the session on Tuesday, but found area around 1.09 handle to be too restive, with pair pulling back all the way to 1.0830 level, where it found support and managed to rebound by the end of the session. As for Wednesday, 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 1.09 level which was previously supportive should offer some amount of resistance, at least initially, and then 1.0950 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, and pullback on Monday, 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.
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