EUR/USD Daily Forecast – 07 March

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Friday, Mar 04 2016

Euro was initially pushed lower in the course of the Friday's session, due to better than forecasted NFP figures, but found area around 1.09 handle to be supportive enough in order to turn around and break above 1.10 handle, but with resistance around 1.1050 area. With no major data releases on Monday we can expect a bit steadier session. Pair is likely to find some amount of support around 1.0950 and 1.09 level in extension, Friday's low, while area around 1.1050 level which was previously supportive should offer some amount of resistance.

On a long-term basis, despite this uptrend we have no interest in buying the pair until we see decisive break above 1.1050 handle. Once this happens we believe pair could aim towards 1.13 handle. Selling is not an option as long as we are above 1.08 handle.

More in this category: « GBP/USD Daily Forecast – 07 March AUD/USD Daily Forecast – 08 March »

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