EUR/USD Daily Forecast – 01 February

Euro spent most of the Friday's session in a decline, after it was unable to break above 1.0950 area. Pair went as low as 1.08 handle where it found some amount of support, and rebounded slightly by the end of the session. This is just another sign that there is no clear in this pair which remains within its consolidation range. As for Monday, any type of supportive candles around 1.08 handle would offer short-term buying opportunity, while resistive candles around 1.09 level would be short-term selling signal. Read more...

EUR/USD Weekly Forecast – 01 February – 05 February

Events that marked the week:

Monday's session brought German Business Climate figures.Sentiment among German businesses weakened at the beginning of the year. The Ifo Business Climate Index for German industry and trade fell to just 107.3 points in January from 108.6 points in December. Analysts were predicting smaller decline to 108.5. Assessments of the current business situation were scaled back slightly, but remained very good. Business expectations, by contrast, clouded over significantly. The year started with an unpleasant surprise for the German economy.

EUR/USD Weekly Forecast – 01 February – 05 February

It was a steadier beginning of the last week for euro, but pair was pushed higher after FOMC statement and even tested 1.0960 area as a resistance, but pulled back by the end of the week, all the way to 1.08 handle, thus remaining within consolidation range we have been in for quite some time now. As for next week, with no major data releases from the USA, we would be focused on NFP figures. Weaker than expected figures would bring rebound to euro but with resistance around 1.10 handle, while better than forecasted data could push euro down all the way to 1.07 handle, which is the extended bottom of consolidation range.

Eurozone CPI inceased by 0.4% in January