Wednesday, 7 February 2018
Tuesday's session for EUR / USD was very volatile
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Tuesday's session for EUR / USD was very volatile, but the day ended with no significant changes compared to the opening price. In the middle of the week there is still a deficit of important macroeconomic news so investors are forced to shift their attention to other technical and fundamental factors. In particular, this week equity markets have a very big influence on the dynamics of trading.
On the other hand, it is definitely clear that the market sentiment has changed, and the extreme pressure on the American currency is left behind in the past. This is now getting more clear as EUR / USD market is rolling back from local highs and is heading to the zone of the first significant support, the touch of which occurred yesterday. (Zone 1.2310-1.2300)
Yesterday's weakening of the dollar turned out to be a local trend and could not significantly affect the technical picture of the currency pair, the global change in the sentiment on which happened last Friday. It is important to note that the bulls managed to defend the support area of 1.2300 yesterday, but in the coming days we will see the re-test of this important psychological mark. Of course, the level is still quite strong and stable and the struggle for it is not over yet, but the negative trends for the pair are beginning to intensify. In this sense, trading within the appearing range is as the most interesting but risky strategy.
Our recommendations: trade within the middle-term channel inside 1.2310-1.2500.
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