Short-Term Forex Technical Outlook: EUR/USD

Daily Forex Technicals | Written by DailyFX | Feb 17 09 06:24 GMT |

Currency Pair: EUR/USD Chart: 60 Min Charts Short-Term Bias: Bearish Financial uncertainties paired with fears of a deepening recession throughout the euro-region has certainly weighed on the single-currency throughout the month, and the EURUSD is likely to face increased selling pressures over the coming months as market participants expect the European Central Bank to continue its easing cycle in March. After reaching a low of 1.2329 in October, the EURUSD snapped back to reach a high of 1.4720 on 12/18, and has traded within a broad range over the past month, but earlier this morning the pair broke below support at 1.2700, which favors a bearish forecast for the pair. Over the next few hours of trading, we may see the euro-dollar continue to move lower, but as the pair remains heavily oversold, I would expect to see a short-term retracement to follow over the week to fill-in the gap from the 120 SMA. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.