EUR/USD – 1.20 on brink of falling
February 4, 2021Dollar Up Despite Friday’s Disappointing U.S. Jobs Data
February 8, 2021EURUSD
EURUSD has fallen to 1.1951 so far. The channel support interval shows that the drop from 1.2348 to 1.0635 corrects the overall trend. The intraday bias is only the first drop from 1.2188 to 1.1892, compared to the 100% forecast from 1.2348 to 1.2052. The break targets a 38.2% retracement from 1.0635 to 1.2348 at 1.1694. For now, risk mitigation will continue as long as 1.2052 support is maintained in the case of recovery.
GBPUSD
The GBPUSD is likely to remain ranged within 1.38-1.36 in the near term both being immediate resistance and support levels. Unless a break on either side of this range is seen, further view is unclear just now.
USDJPY
The USD/JPY has risen well and the strength in Dollar Index is boosting the rally in USDJPY. A test of 106.10 could be on the cards of the rise above 105.64/75 sustains. Immediate view is bullish.
AUDUSD
The AUD/USD has broken below 0.76 and indicates a possible fall to 0.75 over the next few sessions. The fall could be accelerated if Dollar continues to trade strong and if Copper also falls below 3.50.
USDCAD
The USD/CAD USD/CAD remains neutral for some more consolidation below 1.2880. Rebound from 1.2588 is still expected to continue. On the upside, above 1.2880 will target 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.
WTI
The crude oil has risen as expected. While WTI seems to have broken above the weekly resistance near 56. Sustained break above 56 just now could keep the rally take prices higher towards 60 soon. Overall view remains bullish for the near to medium term.
XAUUSD
The precious metal has broken below 1800 as doubted yesterday and could now head towards 1760-1740 in the near term. View is bearish while below 1800 as Dollar trades strong.
