EURUSD – technical and fundamental analysis for the pair for the week of February 3

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The euro-dollar pair rose today, Friday, at the end of the week’s trading, following the data of the US jobs report, to continue fluctuation in the pair’s trading, and this comes after the euro rose to its highest level in two months yesterday, which led to increased selling pressure for the correction, especially in light of the fluctuation of the US dollar .

The euro against the dollar is currently trading at the level of 1.0791, after it recorded the highest level at 1.0799, and it opened today's session at the level of 1.0762, while it recorded the lowest level at 1.0712.

The euro-dollar was able to rise yesterday, recording a two-month high at 1.0830, following the economic data issued by the European Central Bank, which indicated the improvement in the bank's view of inflation rates, which is on its way to the bank's target at 2%, which helped to rise euro.

Today, the EUR/USD pair took advantage of the volatility and inconsistency in the movements of the US dollar after the US jobs report data, which showed an increase in the number of new jobs despite the high unemployment rate, which helped the euro to recover in an attempt to overcome the negative correction in order to take profits after recording The highest level in two months yesterday.

It is expected that the euro-dollar trades will stabilize during the coming period, after it found support from the European Central Bank’s expectations regarding the inflation rate in light of the improvement in crude oil prices globally, in addition to the support that the euro receives as a result of the decline in US dollar levels after the Federal Reserve meeting, which Reduce the chances of raising interest rates during its next meeting.

EURUSD Weekly Technical Overview

The euro-dollar pair is trading at the level of 1.0767, as the price rebounded towards the upside after it failed to breach the support level in conjunction with the presence of the Fibo line 23 on the four-hour time frame

euro dollar

euro dollar

It turns out that the pair is on its way to forming a head and shoulders shape, which means that the pair may witness a decline at the near level

Trading is now taking place at the level of the average moving indicator line, and the stochastic indicator shows a positive crossover towards the upside, while the MACD indicator shows a negative trend towards the downside.

Therefore, the price is expected to rebound towards the downside, targeting 1.0725 and then 1.0690 in the near term

 

 

Mohamed Abdel Khaleq

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