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EUR USD Weekly Technical Analysis | February 13, 2017

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EUR USD Technical Analysis for the Week of February 13, 2017

The EUR USD has had a tough little week as the dollar strength began to take shape in the markets and this time, the dollar seems quite determined to make a serious dent on the other currencies. Over the past few weeks, we have been seeing the dollar on the back foot as the new administration in the US set about bringing major changes to its policies and Trump being Trump, he also launched vitriolic attacks against some major economies of the world, which did not go down well with the rest of the world. But as the time goes on, the markets are slowly getting used to Trump and his ways and his team also seems to be ready to take the administration to the next level and to the path of a smooth highway.

Looking ahead to the coming week, we have some important data out of the Eurozone with the German Preliminary GDP due out. We also have the PPI data and the retail sales data from the US and these 2 data points will be very important as the Fed will be using this data to determine the timing of the next hike. The Fed members continue to insist that there are 3 rate hikes likely this year and with the market focus shifting away from Trump, the hikes and their timing would be watched with high importance so that the dollar strength can continue to build.

 

EUR USD Technical Overview

Prev. Close      1.0640
Open               1.0636
Day’s Range   1.0657 – 1.0766
52 wk Range   1.0608 – 1.0709
1-Year Return – 5.67%

 

EUR USD Support and Resistance Forecast

S 1: 1.0608

S 2: 1.0561

S 3: 1.0486

 

R 1: 1.0758

R 2: 1.0805

R 3: 1.0880