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EUR/USD Forecast February 3

Good day forex traders and readers.

Welcome to the weekly edition of the popular EUR/USD forecast. 5 years now and more to come 🙂 together we profit from forex !

In the previous EUR/USD forecast we noted that the resistance functioned as expected at 1.3680. If the bullish momentum continued to build up, the next resistance region would probably be 1.378 – 1.380. Any return of the bearish trend would probably hit 1.36 as the immediate support followed by the strong support region of 1.35 – 1.352.


Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair received a strong bearish push towards the end of the week. While the 1.35 / 1.352 failed to provide a strong support, I will probably monitor the price action to see if the EUR/USD will be drawn back to the region.

Continued bearish momentum will likely see 1.34 as an extended bearish target. A return of bullish uplift will need to overcome the support turned resistance region of 1.35 / 1.352, followed by 1.36 / 1.368.

Fundamental Analysis

It was reported that the Euro Zone inflation came in at a lower than expected 0.7%. This brought it further from the European Central Bank target of 2%. Many economists are concerned that this may lower cooperate earnings and wages thus further dampening the economic situation.

In view of this, a number of traders are also speculating of an intervention by the European Central Bank to stimulate the economy. Adding on to the list of concerns, the unemployment for the region remains at a high of 12%.

Next week will see important economic data such as the Euro Zone retail sales. The high impact economic event US Non-Farm Payroll is also due on Friday and hence do have your proper money management.

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