Warning: This is not a buy or sell recommendation and the site cannot assume any responsibility for financial decisions.
This is just an analysis for educational purpose only.
The main aspect: the European euro declined slightly against the US dollar at the end of last week’s trading, as investors are watching the progress of talks on the stimulus package. In terms of data, the US jobs report for January will be released, and the Industrial Managers ’Purchases index in the US will be in the spotlight. , In addition to monetary policy decisions from the Bank of England and the Reserve Bank of Australia, and GDP growth figures for the euro area.
Technical: On the 4 hour chart, the EUR / USD is encountering resistance at the bottom border of the symmetrical triangle pattern for the third time.
If the pair stabilizes below the triangle pattern, the currency pair may fall towards the 1.2054 demand area.
On the other hand, a break-up might occur and the price could target the resistance level 1.2189.
