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EURUSD Forecast for February 10, 2017

EUR USD Forecast | Daily Technical Analysis for February 10, 2017

 

EUR USD Technical Overview

Yesterday Close          1.0659
Today Open                1.0659
Day’s Range   1.0650 – 1.0709
52 wk Range   1.0339 – 1.1616
1-Year Change –  5.61%

 

EURUSD Technical Forecast

Our Possible trading range for today 1.0650 – 1.0709

 

Support 1: 1.0648 Resistance 1: 1.0696
Support 2: 1.0633 Resistance 2: 1.0711
Support 3: 1.0609 Resistance 3: 1.0735

 

EURUSD Fundamental Analysis 

The dollar has finally shown some signs of life over the past 24 hours and the other currencies are beginning to feel the pressure as a result. This includes the EURUSD which has been correcting lower and over the past 2 days, we have been seeing that this pair is unable to go over the region around 1.0705 consistently and clearly and this should be a matter of concern for the bulls in this pair. If this trend continues, then we should be seeing the pair move towards 1.0600 during the course of the day.

Trump and his team have been in charge for about 3 weeks now and the markets seem to be warming up to him now. The market is now able to guess what kind of Presidency it is going to be and as we have said many times before, the markets are fine even with bad news but the markets hate uncertainty. So, with the uncertainty over what he and his team is going to do now beginning to slowly wear off, the market has been gaining in confidence in the dollar. Also, with the harsh changes out of the way, Trump seems to be moving towards handing out some goodies and the first one came along yesterday when he promised large tax cuts within the next few weeks. This was liked by the markets and with the claims data coming in better than expected, the dollar has become the darling of the markets again, atleast in the short term.

Looking ahead to today, we do not have any major news from the Eurozone and we only have the UoM Consumer Sentiment data from the US. So, we can safely assume that, barring anything drastic, the dollar gains from yesterday are likely to continue today as well and we could then see the EURUSD pair correct further towards 1.0600.