Analysis and Forecast EUR / USD - Weekly overview (01.02-05.02)
The analysis for EUR / USD pair on Monday:
Last week, once again, there is an attempt to break the level 1.0945. Demand side managed to only test the strong resistance zone 1,0970-90 from which rebounded quite dynamically. Still stuck trading sideways between 1.0945 1,08- (unsuccessful wybiciami in the vicinity of 1,0970-90).
Nearby hours should bring correction of recent declines attempt (around 1,0845-75). Then you can return towards 1.08 or even 1.0778 area. Since defense of these support levels will depend discussed the future direction of the currency pair. Assuming that the supply side will lead to a break in / at levels Eurodollar should direct towards lower price levels. I refer to 1,0710-15 level (lows from early January). At this level, it would be possible rebound inheritance and derivation of a larger correction.
If demand defense is an important support at 1.08, it will be possible to return to the vicinity of 1.09, the fracture will lead to growth toward 1.0945 and higher.
In my opinion, a variant of correction of recent increases and another test of 1.08 is the preferred option. In this case, it may lead to further declines.
Last week, once again, there is an attempt to break the level 1.0945. Demand side managed to only test the strong resistance zone 1,0970-90 from which rebounded quite dynamically. Still stuck trading sideways between 1.0945 1,08- (unsuccessful wybiciami in the vicinity of 1,0970-90).
Nearby hours should bring correction of recent declines attempt (around 1,0845-75). Then you can return towards 1.08 or even 1.0778 area. Since defense of these support levels will depend discussed the future direction of the currency pair. Assuming that the supply side will lead to a break in / at levels Eurodollar should direct towards lower price levels. I refer to 1,0710-15 level (lows from early January). At this level, it would be possible rebound inheritance and derivation of a larger correction.
If demand defense is an important support at 1.08, it will be possible to return to the vicinity of 1.09, the fracture will lead to growth toward 1.0945 and higher.
In my opinion, a variant of correction of recent increases and another test of 1.08 is the preferred option. In this case, it may lead to further declines.