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Main » 2020 » February » 4 » Fundamental analysis and forecast of EUR / USD 04.02.2020: EUR / USD declined against the background of strengthening the dollar
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Fundamental analysis and forecast of EUR / USD 04.02.2020: EUR / USD declined against the background of strengthening the dollar

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EUR / USD pair is trading on Tuesday with a decrease in the dollar strengthened across the board. Since the beginning of the day the dollar index rose 0.1%. Investors continue to regain yesterday published PMI data for the manufacturing sector from the ISM. Rate unexpectedly rose from 47.8 to 50.9 points, reaching its highest level since August 2019. Experts point out that such a strong growth rate could be linked to the signing of the US-China interim trade agreement.

 

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Negative impact on the European currency have sounded on the eve of the statements of official representatives of the UK and the EU on trade negotiations. They showed that the parties now hold radically opposing viewpoints. UK The probability of the EU without a trade agreement has increased considerably.

 

 

Today in the US and EU economic calendar is no important news, so the main impact on the trades will provide news and geopolitical situation in the debt market. Most likely, the dollar will retain its dominant position.


The graph bearish signals predominate. The currency pair broke the intraday support at 1.1055 and now could continue virtually unchecked movement is, in the direction of the level of 1.1020.

 

Resistance levels: 1.1060, 1.1110, 1.1160.

Levels of support: 1.1055, 1.1020, 1.0990.

The main scenario - decline to 1.1020.

Alternative Scenario - consolidation above 1.1055 and rising to 1.1110.

 

Fundamental background - moderately negative. Short-term considering the sale of the instrument on the level of 1.1060

 

Analytics and forecast the euro to the dollar  FORTFS

 

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