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EUR/USD Daily Forecast - 09 February

Friday, Feb 06 2015

Though there were no major data releases from Eurozone on Friday, euro was pushed sharply down after better than forecasted NFP figures finishing the session around 1.13 handle. Euro seems to be in consolidation, and with no major data releases on Monday, we cannot expect any larger movements.

Pair is likely to find support around 1.1250 level, initially, so this is where we would consider buying the pair on a short-term basis, and resistance around 1.14 handle, though first major resistance is near 1.15 area. Due to this major resistance we are not willing to buy this pair in the near future and would use any rallies as just another selling opportunity, since we believe that pair is likely to test 1.11 and then possibly 1.10 handle.

Last modified on Friday, 06 February 2015
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