EUR/USD Outlook – Feb 23

The Calm before the storm…..

Relative to previous sessions, Monday was fairly sedate, holding within about a 70 pip range.  Signals within this range are not high probability.  The swing high is significant at 1.3650-1.3660.  A move above this indicates short-term buying and possible retest of the the next swing high at 1.3780 over the coming days.

The move above 1.3660 would set up a short-term uptrend within a longer term downtrend (which is still in tact and will likely remain for some time).

On the downside support is between 1.3580-1.3570.  A move lower is likely to target 1.3540 followed by 1.3520 and 1.3480 if selling continues through the mentioned levels.  Beyond this are significant lows between 1.3460-1.3440.

While Monday was quiet, a return to more volatile markets is likely not far off but will require a break beyond Monday’s daily range.

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