EUR/USD Outlook for Feb 12

The move down on Thursday covered a significant portion of the price action over the last few days. The inability to climb above 1.3810 and ultimately 1.3840, still means this downtrend is very much intact.

Holding above recent lows, indicates a range is developing. That range is in play until significant support or resistance is broken, 1.3600-1.3580 and 1.3810-13840 respectively.

Right now the pair sits at 1.3679 with some resistance above at 1.3700 followed by resistance at 1.3720 and 1.3750 then 1.3800.

Support is likely at 1.3660 with a break below testing 1.3640 and 1.3600 if the decline continues. Support continues through to 1.3580. There is little support beyond and the overall target for a drop through support is 1.3400 over the coming week.

The trend remains down, but until a move is made on the support/resistance levels mentioned, the short-term overall direction is unclear.  Multiple news events on Friday as well.

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