EUR/USD Daily Forecast - 06 February

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Thursday, Feb 05 2015

Though there were no major data releases from Eurozone yesterday, euro managed to rally once again, testing 1.15 handle as a resistance. We believe that this rally is of a short-term basis only and we should get more clear picture after tomorrow's NFP figures. Weaker than expected data would push pair back to 1.1360 area

, while better than forecasted figures would call for a test of recent highs above 1.15 handle. Despite this rebound, in long-term trends we have no interest in buying this market. 1.15 handle should offer plenty of resistance and even if we break above it, resistance goes all the way to 1.20 handle, so we believe there is plenty of points from which euro can easily rebound. We would use, these rallies as just another selling opportunity.

More in this category: « GBP/USD Daily Forecast - 06 February AUD/USD Daily Forecast - 09 February »

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