Forex weathermap - EURUSD

Feb 1 – Cloudy day for the EURUSD with traders forced to put on hard hats to avoid the headline pellets raining down on the market. More headline risk today with Bernanke scheduled to testify, which would typically be bearish for the dollar in the current dovish monetary policy environment although no surprises should be expected.

Daily Jay Meisler’s Forex WeatherMap
Feb 2, 2012 EURUSD (Current rate: 1.3145, O/N Range 1.3196 -1.3122)

Outlook: Key focus is on 1.32, which has printed 4 days in a row and yet to be tested today. A break of this type of pattern would normally be bearish but would prefer to wait until tomorrow's US employment report for confirmation. While within 1.31-1.32, 1.3150 will set the intra-day bias.

Range:
Resistance
1.3233
1.3218
1.3200

1.3120
1.3100
1.3080/50/26

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