US Dollar Trend Today: 6th Feb

fxcapitalvia

Trader
Jan 13, 2014
15
0
12
The U.S. dollar fell slightly against the euro at auction on Wednesday , February 5 , as conflicting economic data prompted investors to pause before an important employment report this Friday , and before the decision of the ECB 's interest rate , which will be announced today.
Ended trading in favor of the euro, which strengthened against the U.S. dollar by 15 points, the volatility was 56 points.
Fundamental analysis:
According to the company Market, composite Purchasing Managers Index PMI for the euro area in January of this year rose to 52.9 points from 52.1 points in December.
Activity in the U.S. non-manufacturing sector in January and continued growth. According to the Institute for Supply Management ISM, PMI PMI for unproductive U.S. in January rose to 54.0 points against 53.0 points in December. Economists expected the index to rise to 53.5.
According to Automatic Data Processing Inc., The number of jobs in the private sector in the U.S. in January increased by 175,000. Economists predicted that in January the number of jobs will increase by 189,000 .
Technical analysis:
The pair continues its lateral movement in a narrow price range. Thanks to a new high yesterday , short-term upward price channel remained . The lower boundary of the channel is located at a minimum of 3 February 1.3476 and 1.3498 low yesterday . The upper boundary of the channel extends from the yesterday's high 1.3554.
1.3542 area is still inaccessible to customers. Yesterday's test it led only to an increase in short positions and return to the pair's trading range. Break of 1.3542 may severely impact on short positions , which will increase the EUR / USD at 1.3576 area , and then test the base of the 36th figure- 1.3607.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
24
32
Canada
I am looking fir buying opportunities in the EURUSD currency pair as I view more upside in the medium to long term. I have been buying it since it dropped below 1.3500.