EURUSD Daily Analysis – February 6, 2018

EURUSD stays in a trading range between 1.2335 and 1.2537. The sideways movement is likely consolidation of the uptrend from 1.1717 (Dec 12, 2017 low). As long as 1.2335 support holds, the uptrend could be expected to resume and a breakout of 1.2537 resistance could trigger another rise towards 1.2700. On the downside, a breakdown below 1.2335 support will suggest that the uptrend had completed at 1.2537 already, then deeper decline towards 1.2165 support could be seen.

EURUSD 4-hour chart