EUR USD Forecast | Daily Technical Analysis for February 7, 2017
EUR USD Technical Overview
Yesterday Close 1.0783
Today Open 1.0791
Day’s Range 1.0714 – 1.0798
52 wk Range 1.0339 – 1.1616
1-Year Change – 3.08%
EUR USD Technical Forecast
Our Possible trading range for today 1.0714 – 1.0798
|Support 1: 1.0713||Resistance 1: 1.0789|
|Support 2: 1.0690||Resistance 2: 1.0812|
|Support 3: 1.0652||Resistance 3: 1.0850|
EUR USD Fundamental Analysis
We had mentioned that the Euro is likely to spend a few days in consolidation and ranging mode and unless and until 1.0800 is broken through clearly, we will not be able to see further progress in the EUR USD pair and this is what has been happening over the past 24 hours.
EUR/USD continued to consolidate and range within a 100 pip range as it could not make a breakout on either side. Yesterday, we saw the dollar on the backfoot due to the weak wage earnings data that was released on Friday which basically pushed back hopes of a rate hike anytime soon. This plus events over the weekend where the US is in a clear immigration mess, with the President and his team wanting to move in a specific direction while the courts want the country to move in the opposite direction, has only served to prolong the confusion surrounding the whole immigration issue and this uncertainty has been affecting the dollar strength.
Looking ahead to today, we do not have any major news from the Eurozone or the US region and so we can safely expect some more consolidation and ranging for the rest of the day. We believe that the euro would continue to be weak enough not to be able to push through 1.0800 unless something dramatic changes.