Forecast for EUR / USD pair on February 5, 2019

EUR / USD pair

Monday trading was calm on the market. Negative indicator both from the Eurozone and in the United States came out but investors were still working out Friday's employment data, which determined a slight strengthening of the dollar. The producer price index of the eurozone declined by -0.8% in December after the November decline by -0.3%. Also, the investor confidence index in the eurozone Sentix dropped to -3.7 in February versus -1.5 earlier. In November, it fell by 0.6% against expectations of growth by 0.3%.

The situation may be similar for today. The retail sales for December are projected to decrease by 1.6% while the American ISM Non-Manufacturing PMI a decrease from 57.6 in January to 57.2.

The price is held by the line of balance on the graphs of both scales on daily and H4 but this is a natural phenomenon in the phase of unhurried price movement and especially on the reversal of the trend. The Marlin oscillator signal line tells us about the spread itself, moving to the zone of negative numbers on the daily scale. The signal of support is still the range of 1.1407 / 13 on MACD lines of the daily and four-hour charts and overcoming this area will allow us to take the level of 1.1302 as the target.

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The material has been provided by InstaForex Company - www.instaforex.com