EUR/USD Outlook for Feb 4

The EUR did stage an effort, extending up to 1.4025, but was quickly rejected from that resistance level and sold off through the remainder of the day Wednesday.  Currently the pair trades at 1.3890.  Support is just below this at 1.3880 with further support at recent swing lows 1.3850.  Support beyond is at 1.3830, 1.3800-1.3785 and  1.3760 is also a target level.

Trend remains down, moves to upside will encounter resistance at 1.3925, 1.3940, 1.3955 and 1.3990 (a descending trend line is currently between these two levels).  1.4025 is the recent swing high; it will need to be broken in order to give indication this pair may be reversing (not highly likely right now, although holding above 1.3850 would be a first step).

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