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07.02.201908:21 Forex Analysis & Reviews: Forecast for EUR/USD on February 7, 2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

On Wednesday, the volume of industrial orders in Germany in December showed a decrease of 1.6% instead of the expected growth of 0.3%, and the US trade balance for November showed an improvement from -55.7 billion dollars to -49.3 billion. As a result, as we expected, the euro easily broke the support of the price channel line on the daily chart, and the target at 1.1302 became even closer.

On both graphs, the situation is completely descending, there are no signs of reversal on H4. But the Marlin oscillator on the four-hour chart is close to the oversold zone, which can trigger a correction from the target level of 1.1302 of about 50-60 points. Overcoming support will open the second target at 1.1262.

Exchange Rates 07.02.2019 analysis

Exchange Rates 07.02.2019 analysis

Laurie Bailey
Analytical expert of InstaForex
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