Today, February 20, the eve of the opening of trading is trading at 1.2388 (-0.14%) in Europe EURUSD pair, t. E. At the end of last week, the euro continues to fall in price slowly against the US dollar. The dollar index DXY following the growth of the dollar in USD also increased and traded at 89.23 (+ 0.17%).
During the day, the news background is quite sluggish. At 13:00 (GMT + 3) ZEW institute will publish the index of economic expectations for the euro area and Germany in February, and 14:00 (GMT + 3) CBI - changes in the volume of industrial orders in the UK in February. I believe that European statistics are not very significant for the euro at present, but the CBI report on the UK can significantly increase the volatility of the British pound.
EURUSD 20.02.2018 The course forecast
At hour timeframe (H1) EURUSD is at level depression (1,2350-1,2390), which is formed inside the "double peaks" (1,2480-1,2520):
Thus, one could argue that H1 has already formed a "triple top" (1,2480-1,2520):
All of this suggests that the EURUSD pair at the "triple top" is a solid resistance to the growth of the euro.
Therefore, assuming that today is the first attempt to break down the level vpadinys subsequent movement towards the level of 1,2190-1,2290 may occur where consolidation was formed in mid-January.
Vesselin Petkov Alpari