EURUSD Technical Analysis


Yesterday, the EURUSD pair managed to find some support in the 1.2390 region in New York. At the moment, how is the pair trading?  Learn from the 1 February EURUSD Technical Analysis.

1 February, GKFX – EUR/USD managed to find some support in the 1.2390 region in New York yesterday and is currently making higher lows through Tokyo. Despite the recent turn away from the multi-year high of 1.2537, the price is still finding buyers in the current price zone or at least is unable to find the right sellers.

Key Quotes

  • EUR/USD still near three-year highs.
  • German, European Manufacturing PMI on the docket.

Data on the Docket

Plenty of economic reporting happening during the London/NY market session today, beginning with the Swiss SECO Consumer Climate at 06:45 GMT, followed by the usual battery of Markit Manufacturing PMIs for Switzerland at 08:15,  Italy at 08:45, France at 08:50, Germany at 08:55, and Greece and the broad Eurozone at 09:00. Any unexpected positive news for Europe’s manufacturing sector could send Euro bulls into fresh buying confidence.

Europe-UK Brexit hostilities continue to rear their heads, with the EU threatening to impose sanctions on the UK to prevent the kingdom from using Brexit as an opportunity to undermine European trading conditions.

1 February EURUSD Technical Analysis

Daily charts are still showing a strongly-performing pair that has retraced little recently, and H4 charts are finding support on the 34 EMA at 1.2393. Tokyo session provided price resistance at 1.2425, and the daily pivot points heading into London are:

R2: 1.2513

R1: 1.2463

PP: 1.2425

S1: 1.2375

S2: 1.2337

Disclaimer

This article 1 February EURUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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