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EUR/USD Hot Forecast , 1 February 2021

  • Better-than-expected economic data may underpin the euro against its major counterparts in the coming weeks.
  • EUR/USD rates continue to consolidate the above key points.

The EUR/USD pair bounced from the 1.2060 region but remains below 1.21. The dollar eases as equities stage a modest comeback as retail investors' frenzy temporarily cooled.

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EUR/USD DAILY CHART – HEAD AND SHOULDERS TOP OR UPSIDE CONTINUATION?

The technical outlook for EUR/USD rates appears relatively mixed as price carves out a possible Head and Shoulders reversal pattern above a key range at 1.2055 – 1.2070. EUR/USD is supported by an ascending trend-line which holding the exchange rate since May 2020.

Remaining constructively positioned above 1.2050 could open the door for buyers to continue driving the exchange rate higher, with a break above the previous swing high ( 1.2180) probably carving a path to challenge the yearly high (1.2350)

Technical indicator prints bearish MACD divergence suggests that the exchange rates rally since November could be running out strength . The MACD histogram's notable decline in recent days also hints a fading bullish momentum.

However, a daily close below the January 18 low (1.2050) which coincides with Fibonacci support 38.2% retracement of its November/January rally, would likely validate the bearish reversal pattern and intensify near-term selling pressure. The Head and Shoulders implied measured move suggesting that price could fall from current levels to the psychological support at 1.1800.

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