EUR USD Forecast | Daily Technical Analysis for February 3, 2017
EUR USD Technical Overview
Yesterday Close 1.0759
Today Open 1.0759
Day’s Range 1.0745 – 1.0772
52 wk Range 1.0339 – 1.1616
1-Year Change – 3.08%
EUR USD Technical Forecast
Our Possible trading range for today 1.0745 – 1.0772
|Support 1: 1.0751||Resistance 1: 1.0809|
|Support 2: 1.0732||Resistance 2: 1.0828|
|Support 3: 1.0703||Resistance 3: 1.0857|
EUR USD Fundamental Analysis
Its been a very untidy past 24 hours for the EURUSD with the pair not knowing where to go and how to go about in a specific direction. It has been trying for a week or so to break through the glass ceiling at around the 1.0800 region and the best attempt at that region was made yesterday when it went as high as 1.0828 but it had to beat a hasty retreat as large scale selling started at that point and it fell back below 1.0800 and it trades just above 1.0760 as of this writing.
Its the NFP day today, probably one of the most important days in every month where a huge amount of volatility is bound to be witnessed. The last few employment reports have become especially important as the Fed has made it clear that if the incoming data continues to be good, then it can be safely expected that the Fed would be hiking rates in the coming months.
Apart from the NFP today, we have the average wage earnings data as well and the non-manufacturing PMI data from the US. We still believe that the dollar will ultimately strengthen and we do believe that the employment report today would come out strong to help support the dollar.