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EURUSD: 1.1373 remains the immediate target for the bulls

On Wednesday the 20th of February, trading on the EURUSD pair entered a sideways trend within a range of 1.1325 to 1.1370, revisiting the high from the 6th of February in the process, which is at the top of this range. This trend continued into Thursday morning’s trading, where the pair dropped to 1.1330. All the while, the pair has remained within the confines of the newly-formed upwards channel that appeared at the end of last week. The immediate growth target remains at 1.1373, which marks the 50% Fibonacci level of the latest decline. However, the pair could test the lower boundary of the channel on the way to this target.

Today in Germany, the harmonized index of consumer prices for January will be released (YoY growth of 1.7% is expected) followed by the manufacturing PMI from Markit (expected to remain at 49.7 points). The Markit manufacturing PMI for the Eurozone will also be released today, which is expected to come out at 51.1 points.

EURUSD M15

18 February, 17:32 (GMT+3)
EURUSD: back inside the triangle
21 February, 13:31 (GMT+3)
Daily analytical report (21/02/19)

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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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