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Business / Finance

The Outlook on EUR/USD on February 12, 2020

RSS feed for Forex Review 12.02.2020 at 03:01

Daily analytical reviews of the Forex market

EUR/USD After a continuous six-day drop in the Euro yesterday decided to rest in the designated consolidation range 1.0880-1.0925. Today, the decline may continue as the published industrial production in the Euro zone for December, the forecast is -1,8%. After the collapse of the Italian industrial production, which was shown on Monday (which is 2.7% m/m against the forecast of 0.5%), waiting for today's European index was worse than expected. The goal of reducing the Euro, 1.0880 – at least 1 October. The second goal is the level of Fibonacci 161.8% at price 1.0840. This is the main script.

the Scenario with the continuation of the correction has a probability of 35%. Here, when fixing the price above yesterday's high it could rise to the level of Fibonacci 110,0% on the price 1.0970.

On the four-hour chart the price is kept in the range of 1.0880-1.0925, allowing the Marlin oscillator to discharge before a new wave of decline. Possible short-term exit of the price above the upper limit of this range. On this price scale alternative scenario with growth seems more clearly – at this level converge, the Kruzenshtern line and 38.2% of branches reduce from 31 January.

the Material has been provided by InstaForex company - www.instaforex.com