Currency pair EUR USD continues to move in the upward movement and at the moment the euro failed to show a drop within the next attempt of forming a reversal pattern Forex.
Quotes are trying to penetrate the area of the local maximum and have a chance to see the tight field test 1.0850 before the Fed’s decision on rates, where again there is a chance to see an attempt to continue falling for the purpose at the level of 1.05.
EUR USD Forecast on February 1, 2017
Cancellation option will be the reduction of quotations and strong growth in the breakdown area 1.09, which points to the impossibility of forming an inverted pattern forex head and shoulders, so-and-drop to 1.05 will not fit.
Among the important news that could affect the rate of the euro against the dollar, we should mention, by ADP employment change is expected the growth rate to the level of 153K to 165K level that can support the US currency. Also important will be data, ISM manufacturing index, the FOMC decision op basic interest rate and the FOMC accompanying statement, we should expect a strong increase in volatility in the market due to this decision on the rate.
EUR USD Forecast on February 1, 2017 suggests an attempt to test 1.0850 area and another attempt to turn on the resistance area.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
