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1 Feb 2021

EUR/USD Price Analysis: Room for a move to 1.2060/50

EUR/USD drops to 3-day lows in the 1.2070/65 band.
The 2021 lows near 1.2050 offer decent support so far.

EUR/USD starts the week on the soft side and recedes to the area below the 1.2100 yardstick.

Further decline is expected to meet decent contention in the 1.2050 region, where sits the so far yearly lows (January 18). A deeper pullback carries the potential to challenge the psychological support at 1.20 the figure, although a move further south of this level is not favoured in the short-term horizon. Below 1.2000 is located a Fibo level at 1.1976.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1665.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.

EUR/USD daily chart

Feb 1, 2021

Canada Markit Manufacturing PMI registered at 54.4, below expectations (57) in January

Canada: Markit Manufacturing PMI falls to 54.4 in January vs. 57 expected

The business activity in Canada's manufacturing sector expanded in January, albeit at a softer pace than it did in December with the IHS Markit Manufa