Forex Movement Analysis 08 February 2018
The euro suffered a sharp sell-off on Wednesday as investors saw the euro was too high some time ago due to expectations of monetary tightening of the ECB.
Yesterday EURUSD broke the 1.2300 support level and touch the 1.2245 lows.
The movement of EURUSD today is predicted to still fall back. In the Asian session until noon the price tries to rise first to the daily Pivot Point 1.2300 – 1.2304. Decrease to 1.2245 and Support 1.2205.
GBPUSD yesterday weakened again but still in the range of price declines the previous day. GBPUSD yesterday fell to a low of 1.3848 still above Tuesday’s lows at 1.3836.
Today GBPUSD is predicted to be heavily influenced by the announcement of the policy of the Bank of England (BOE). Daily price movement range between Support 1.3820 – 1.3963 as resistance.
The movement of USDJPY is still in the consolidation area in Symetrical triangle or triangle pattern. Today’s price movement between USDJPY is Support and resistance 108.90 – 109.69.
Currently the price is at the level of 109.30 Pivot point daily.
AUDUSD is still in daily bearish trend due to strong dollar pressure.
The movement of AUDUSD Asian session until next European session is predicted to rise to Pivot Point 0.7848 – 0.7859. If it does not pass the level it will come back down with Support at level 0.7800 – 0.7807.