EUR/USD: Weekly Technical Analysis For February 2-6, 2014

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Fundamental Approach:

The Euro vs Dollar traded in a tight range during last weeks trading session after the Euro was weakened by European Central Bank President Mario Draghi, who unveiled a €1.2 trillion quantitative easing program 2 weeks ago.


Meanwhile, Greece’s new government said it will not cooperate with the International Monetary Fund and the European Union and will not seek an extension to its bailout program, underlining fears over a clash with its international creditors.


Also Eurostat said that the annual rate of euro zone inflation fell by 0.6% in January, after a 0.2% slip in December. Economists had expected an annual decline of 0.5%.



Technical Analysis:

Weekly bias remains bearish on the longer term picture as 21 and 55 EMA’s are still crossed southward on the 4 hours, Daily, Weekly and Monthly time-frames. However medium term picture remains neutral this week for consolidation. Recovery should be limited by 1.1678 resistance/supply zone and bring fall resumption. Below 1.1096 support  (January 26) will extend current fall to next Fibonacci level at 1.0283.



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