Forecast for EUR/USD on February 11, 2020

EUR/USD

The euro lost 34 points on Monday, it was helped by a pessimistic indicator of Italian industrial production, which showed -2.7% in December, which, after negative data on Germany and France last week, completes the faded picture of the eurozone core. Now Europe-US relations for the euro are becoming more important than Europe-England. The US looks brilliant compared to the eurozone, the prospects for new trade relations with the EU are more beneficial to Washington. President Trump announced yesterday that he had begun work with the EU to prepare negotiations on a free trade area.

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On the daily chart, the price confidently surpassed the support of the first target of 1.0925, now it faces the second target - 1.0880 - a low on October 1. The likelihood of a moderate correction from this level increases. An even stronger support is the underlying target of 1.0840 - in terms of reaction level of 161.8%.

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On a four-hour chart, the price has consolidated at an early target level, the Marlin oscillator is slightly growing, but it does not predict any dangers for a decrease.

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