Forex Daily Outlook – February 8, 2019

Colin First

EUR/USD

The Euro continued to lose momentum during Thursday’s session and has broken below the 1.1350 level, which was a significant support level. The 1.13 level underneath has been tested several times for support earlier and now also likely to find enough buyers underneath. The negativity around the European Union is causing too much volatility around the pair and is likely to continue ahead. …Read More

GBP/USD

The pair initially has broken below the major trend line, reaching down to the 1.28 level which offered a bit of support to turnaround and broke above the downtrend line again. The pair is witnessing enough buying pressure underneath and break above 1.30 level will be extremely bullish. Currently, the market is well placed for buying dips and will continue to do so unless there is any major fundamental changes around. …Read More

AUD/USD

The AUD is finding strong support at the 0.7050 level and in yesterday’s session, it mostly hovered around this level. The pair is likely to be forming a base around and is likely to reach towards the 0.7250 level moving forward. Overall in the long term period, the pair is expected to consolidate between the 0.70 and 0.7250 level and break above 0.7250 level could send the pair towards 0.75 level. …Read More

USD/JPY

The USD continues to hang around the 109.50 level against the JPY, as the 110 level above has turned extremely resistive. Further, the Fed’s soft stance of future rate hikes is also keeping pressure around the pair. Overall, the market is likely to pull back from here, and break below 108 level would send the pair towards the 105 level or much lower. …Read More

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