EUR USD Forecast | Daily Technical Analysis for February 8, 2017
EUR USD Technical Overview
Yesterday Close 1.0679
Today Open 1.0679
Day’s Range 1.0668 – 1.0691
52 wk Range 1.0339 – 1.1616
1-Year Change – 4.64%
EUR USD Technical Forecast
Our Possible trading range for today 1.0668 – 1.0691
|Support 1: 1.0658||Resistance 1: 1.0732|
|Support 2: 1.0634||Resistance 2: 1.0756|
|Support 3: 1.0597||Resistance 3: 1.0793|
EUR USD Fundamental Analysis
It has largely been an up and down day in the markets today with none of the currencies being able to hold on to their gains. It is indeed a tough day for traders as they find it difficult to choose a specific direction and one minute they are sitting on good profits and next minute, they find that all their profits have gone and they stare at trades that are negative. This is the day when the markets are clearly confused and this happens when all currencies are either equally strong, or as is the case now, all currencies are equally weak that one currency is not able to make any significant gains on the other and is unable to hold on to the gains even if its wants to.
This is what we saw yesterday as the dollar managed to gain on the euro for a large part of the day and the EURUSD pair crashed through 1.0700 and for a brief while, it looked as though the move would stay and the dollar strength would continue but for the second day running, we found that the dollar could not hold on to its gains. There are simply too many fears and risks with almost all the major currencies right now and hence they are all almost equally weak at this point of time and this is why we see this kind of a price action, which is somewhat a rarity in these markets.
Looking ahead to today, we do not have any major news from the eurozone or the US and so expect some more consolidation and some more up and down movements in the EUR USD pair. This would be a nice thing for the day traders but would be a nightmare for the investors who can rather stay on the sidelines and wait till the markets choose a direction or a trend.