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EURUSD: trend may reverse upwards in a couple of weeks

On Monday, trading on the EURUSD pair closed up by a decent amount. By close, the euro had appreciated by 0.11% to finish the day at 1.1308. The single currency has started the week by attempting to reverse the downtrend started at the beginning of February. The euro has lost 1.2% against the dollar since the beginning of the month. We could see this trend reverse in the coming weeks, and the euro may rise as far as 1.1340.

EURUSD D1

It would seem that European markets are satisfied with the way US-China trade talks are going, with US President Donald Trump hailing the progress being made on his Twitter account. Divisions within the UK’s Labour Party, which led to the resignation of several MPs on Monday, could be a sign of things to come as internal divisions within the UK may slow down the process of leaving the EU.

This morning, the EURUSD pair has shed 0.1% of yesterday’s close. It’s possible that today and tomorrow, the euro will fluctuate within a small range of 1.129 – 1.131.

EURUSD M15

18 February, 17:32 (GMT+3)
EURUSD: back inside the triangle
20 February, 10:22 (GMT+3)
EURUSD: new upwards channel forming

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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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