Today, February 19, before the opening of the European session the EURUSD pair is trading at 1.2408 (+ 0.02%). Thus, the euro is trading almost at closing, which was formed at the end of US session on Friday.
Today, the European trading session will be held against the backdrop of a lack of important economic news. The US trading session will be quite sluggish. Today "President's Day", so in the United States for the banks will be a non-working day.
Analytics and forecast exchange rate EURUSD:
The EURUSD pair on heavy timeframes there is a very interesting situation. At month timeframe (MN) formed candle "Doji" near line downward trend:
This suggests that the euro nA MN does not have sufficient strength for further growth against the dollar. "Doji" is potentially a reversal candle, as well as the downtrend line will provide considerable resistance to the growth of EURUSD.
On the daily time frame (D1) at the end of last week there was a "bearish engulfing":
"Bear absorption" is also potentially a turn signal.
The high probability of stopping the growth of the euro confirmed by another factor - "Bearish engulfing", which took place on the D1 and within the already formed on the hourly timeframe (H1) «double top":
All of the above suggests that the euro will not have the strength for further growth against the dollar.
Vesselin Petkov Alpari