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.
Last modified on Wednesday, 02 March 2016EUR/USD Daily Forecast – 03 March
Euro was initially pushed lowerin the course of the session on Wednesday, but found area around 1.0820 handle to be supportive enough, in order for pair to rebound by the end of the session. As for Thursday, 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.
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