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EUR/USD Daily Forecast – Euro Moves Higher Ahead Of The Weekend

Vladimir Zernov
·2-min read

EUR/USD Video 19.02.21.

Euro Continues To Gain Ground Against U.S. Dollar

EUR/USD is currently trying to settle above the resistance level at the 20 EMA at 1.2100 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the nearest support level at 90.50 but failed to develop sufficient downside momentum. If the U.S. Dollar Index gets below 90.50, it will move towards the next support at 90.30 which will be bullish for EUR/USD.

Yesterday, EU reported that Euro Area Consumer Confidence improved from -15.5 in January to -14.8 in February as the situation on the virus front began to stabilize.

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Today, foreign exchange market traders will focus on flash PMI data from Euro Area. Manufacturing PMI is expected to decline from 54.8 in January to 54.3 in February while Services PMI is projected to increase from 45.4 to 45.9. Numbers below 50 show contraction.

Later, traders will have a chance to take a look at flash PMI data from the U.S. Manufacturing PMI is projected to decline from 59.2 in January to 58.5 in February while Services PMI is expected to decrease from 58.3 to 57.6.

Technical Analysis

EUR/USD managed to settle above the resistance at 1.2080 and continues its attempts to settle above the next resistance at the 20 EMA at 1.2100. The 50 EMA is in the nearby so EUR/USD may face significant resistance at this level.

If EUR/USD settles above 1.2100, it will head towards the next resistance at 1.2130. A successful test of the resistance at 1.2130 will push EUR/USD towards the resistance at 1.2155. In case EUR/USD gets above 1.2155, it will move towards the resistance at 1.2175.

On the support side, the previous resistance level at 1.2080 will serve as the first support level for EUR/USD. If EUR/USD declines below this level, it will head towards the next support at 1.2060. A move below the support at 1.2060 will open the way to the test of the support at 1.2040.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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