EUR/USD Daily Forecast - 06 February

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Thursday, Feb 05 2015

Despite, bit weaker than expected Retail Sales figures, Aussie managed to break above 0.78 handle once again, indicating that area around 0.77 handle offers some amount of support at the moment. Focus of tomorrow's session will be on NFP figures. We believe that pair is likely to find support around 0.7720 level

, so this would be our short-term buying point and resistance around 0.7880 area, so this is where we would consider selling the pair, on a short-term basis. Though pair is trying to break higher in the past few sessions, we believe that 0.78 handle should still be a struggle and even if we break above it gains should be limited by 0.80 handle, as a massively resistant area, so we would wait for resistive candles in this general vicinity to start shorting market yet again.

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