EUR/USD Daily Forecast – 08 February

On Friday, from Eurozone, German Factory Orders data was released. Based on provisional data, the Federal Statistical Office (Destatis) reports that price-adjusted new orders in manufacturing in December 2015 decreased a seasonally and working-day adjusted 0.7% on November 2015. Analysts were predicting smaller decrease by 0.3%. In November 2015, they increased by 1.5% on October 2015, thus confirming the provisional result published in the previous month.  Read more...

EUR/USD Daily Forecast – 08 February

Euro was pushed lower in the course of the Friday's session mostly due to better than forecasted US Unemployment Rate figures. Pair broke below 1.12 handle, but managed to stay above 1.11 handle until weekly closing. With no major data releases on Monday we can expect a bit steadier session. We can expect some amount of support around 1.1050 area, which was previously resistive and resistance above 1.12 handle which is a major resistive point despite last week's break above it. Read more...

EUR/USD Weekly Forecast – 08 February – 12 February

Events that marked the week:

On Monday, from Eurozone, Spanish and Italian Manufacturing PMI data was released. Latest PMI data signalled a strong start to the year for Spanish manufacturing firms as new business rose at the fastest pace since February 2007, supporting sharper production growth. Higher workloads led to a pick-up in the rate of job creation, while positive expectations regarding future new orders encouraged firms to increase inventories. Meanwhile, falling raw material prices resulted in the sharpest decline in input costs since July 2009. The seasonally adjusted Markit Spain Purchasing Managers’ Index increased to 55.4 in January from 53.0 at the end of 2015, thereby signalling a stronger improvement in business conditions than in December. In fact, the health of the sector strengthened to the greatest extent since May last year.