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Main » 2020 » February » 5 » Forex forecast and recommendations today 05.02.2020: EUR / USD - the reasons to sell the euro, GBP / USD - the flat, USD / JPY
Forex forecast and recommendations today 05.02.2020: EUR / USD - the reasons to sell the euro, GBP / USD - the flat, USD / JPY


Events today:

18:00 MSK. US: ISM composite index for the non-productive sphere.

Forex forecast EURUSD rate today 02/05/2020

Forex traders today EUR / USD pair are two reasons for the European currency sales. First, the product market there are gold sales, which is negative for the euro, which has historically correlated with the precious metal. Investors are actively buying stocks and selling gold. Second, America may please investors a positive report on the ISM index for the services sector, which will contribute to an increase in yield of US government bonds. American business is feeling great after the conclusion of the first phase of the US Trade Agreement and China.

EURUSD recommendation: Sell 1.1045 / 1.1060, and take profit 1.1015






Forex rate forecast GBPUSD pound dollar today 02.05.2020


At present, formed a mixed background. On the one hand, it is possible to expect growth of quotations of the pound against the demand for "risky assets". Investors this week are actively buying shares of the world that can support the pound, which is correlated with the equity markets. On the other hand, in the second half of the day the United States will publish the release on the business activity in the services sector, which may please investors positive data that would support the dollar.

GBPUSD recommendation: flat 1.2980- 1.3040



Course USDJPY Forex forecast for today 02/05/2020


The course of trade is strongly influenced by the US stock market, where the "bull rally" occur because the Central Bank of China this week poured into the banking system of 1.7 trillion yuan, which is the highest level in the last 5 years. Fresh money as investors cheered, they quickly forgot about the coronavirus, and started actively buying shares. US S & P500 index traded in the six-day maximum and left to grow up a little more than one per cent to set a new record. Today, market participants preserve the upward trend in the United States, as can be expected to yield a positive release from the Institute for Supply Management.

USDJPY recommendation: Buy 109.33 / 109.15 and take profit 109.66



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