Analysis and forecasts for EUR / USD 10/02/16

FX:EURUSD   Euro / U.S. Dollar
Eurodollar quite quickly managed to handle the correction of recent increases that have taken place over the last week and on Tuesday the demand side led to a break the next level 1.1246 and 1,1280-1,1310. Maximum recorded at the level of 1.1338. Last such price levels we saw in October last year.

Most investors remain skeptical about further action by the ECB and the FED, which allows you to direct the common currency further maxima.

On Wednesday, investors' attention will be directed to the speech by Janet Yellen, who will present a semi-annual report on monetary policy before the Committee. Financial Services House of Representatives. The head of the Fed certainly will defend the recent decision of the Federal Reserve , but its opinion on further rate hikes may be firmly balanced and toned. Taking into account the recent macroeconomic readings, it does not seem that the prospect of further interest rate hikes were not threatened. However, in my opinion, the head of the Fed will leave a "door open" for further action, the next revision of economic data.

The outlook for EUR / USD:

Dollar at the moment is in the back and nothing indicates that in the short term, upward trend for eurodolarze could be reversed. (Chances supply side could be found only in speech Janet Yellen).

Accordingly, after a short correction, which should not exceed a level of 1.1246, the demand should be directed towards the level of 1.1337. Then, after the break, it will open the way towards the next resistance 1,1371-1,1392. In the longer term expected growth in the level around 1.1495.

Alternate version assumes the start of the correction after the Janet Yellen. Supply will have a chance break 1.1246 level and directed towards lower price levels.
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