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EUR/USD Forecast for February 14, 2017

eur/usd

EUR/USD Forecast for February 14, 2017

 

EUR/USD Technical Overview

Yesterday Close          1.0599
Today Open                1.0599
Day’s Range   1.0591 – 1.0612
52 wk Range   1.0339 – 1.1616
1-Year Change – 5.86%

 

EUR/USD Technical Forecast

Our Possible trading range for today 1.0591 – 1.0612

 

Support 1: 1.0589 Resistance 1: 1.0641
Support 2: 1.0573 Resistance 2: 1.0657
Support 3: 1.0547 Resistance 3: 1.0683

 

EUR/USD Fundamental Analysis bazaar

The dollar strength has well and truly set in and all the other major currencies are suffering at the hands of the dollar over the last 24 hours. We have seen the EURUSD crash down towards 1.0600 and only the support at 1.0580 has managed to hold it back so far. But the price action looks weak and it remains to be seen how long the bulls can hold on before the bears take complete control and if and when that happens, it could mean some serious trouble for the euro.

The markets are slowly warming up to Trump and his team and after the initial struggle over his policy changes and trying to understand what he was doing and why and what else he could be doing in the future, the market believes that Trump and his team have now settled into a specific pattern of administration which gives a lot of certainty to the markets and hence the buyers and the investors have been able to invest into the dollar with much more confidence of what they can expect from it. This has helped to move the attention away from Trump and on to what the Fed is planning to do in the future and with Fed members continuing to maintain that there is likely to be 3 rate hikes in the US this year, the market is only too keen to support the dollar.

Looking ahead to today, we have the PPI data from the US and then we have the biggie in the Fed chief Yellen talking about the monetary policy in her speech during the US session. The market will be watching this speech closely to see if Yellen continues to be bullish on the US economy and the dollar and if that happens, then the euro could be in further trouble.