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EUR/USD analysis & trading forecast for 04 – 08 February, 2019

Last week was important for USD. As almost month we didn’t have any economic reports from US. Nonfarm payrolls report was positive and supported dollar.
I mentioned many times about importance of employment, CPI, PMI and consumer spending reports. Federal reserve uses these factors as indicators in taking decision to hike interest rates. So, based on the data we can expect 2 hikes this year.
Don’t wait for immediate “market response” on this data. Use it as an indicator for your swing trades. Besides, you have to compare US and EU economy to understand currency strength. So, yes, I agree with all who are pessimistic about DXY. But things in the EU are even worse. That makes me think we will see spring near 1.11200 before really big rally starts.
My swing targets remain the same – 1.11700 and 1.11200. Short-term traders have to keep an eye on 1.13800 and 1.14500. Watch price action in range 1.14500 – 1.14800 and if rejected, consider shorts with target 1.13000. I expect 1.11200 will be reversal range andtry point for longs with 1.20000 target.
As always I will keep my trading signals subscribers updated about all changes. If you are still not in our chat room, use the opportunity to subscribe with special St. Valentine’s Day discount!
Have a profitable week!