Analysis and forecasts for EUR / USD 02/10/15

FX:EURUSD   Euro / U.S. Dollar
During Thursday's session we have witnessed, gave attacking the demand side. From the daily minimum (1.1136), demand led to growth in the area around support levels, noting 1,12-1,1215 high of 1.1208. Largely thanks to Thursday's gains were weaker economic data from the US. (Applications for unemployment benefits were at 277 thousand. Against a forecast of 270 thousand. In contrast, ISM Manufacturing index also proved to be worse than the market consensus and amounted to 50.2 against expectations of 50.6).

Bringing together members of the FOMC's hawkish comments and mixed readings from the US, we can easily come to the conclusion that markets are receiving contradictory information.

Forecast for Friday:
At the time of writing the analysis of a currency pair is just below an important resistance zone at 1,12-1,1215. In the first part of the day did not have any relevant information in relation to the Eurodollar can move between the support and the resistance to 1.1155 at 1.12. The impetus for the movement will be stronger in the afternoon US data.

Support for supply during Friday's session will be data from the US. The supply side able to once again have a chance break support at 1.1155, which will open the way toward lower price levels 1.1115 and 1,1085-90.

In an alternative version much worse US data can lead to overcome the resistance zone 1,12-1,1215. Another object of the demand will be the level of 1.1240, the fracture may lead to test the level of 1.1270.

In my opinion, a variant of the defense of the resistance (1,12-1,1215) and further declines toward 1.1115, is to me the more likely option.

My answer: a currency pair has no fundamental basis for further growth and any, if they occur, will result from the temporary weakness of the dollar. In a broader term, the dollar should gain based on expectations of the Fed and the ECB.
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