Forecast for EUR/USD on Feb 13, 2020

Posted On 12 Feb 2020

EUR/USD

Yesterday’s publication of data on industrial production in the eurozone was worse than expected – the December decline was-2.1% versus the expected -1.8%. In Europe, they talked about a potentially even greater economic failure due to the epidemic in China. But China itself predicts that the epidemic will decline in April. The euro lost 40 points on Wednesday. The 1.0880 target was fulfilled, there was a consolidation under the lower TF. The following goals are determined by Fibonacci levels: 161.8% – 1.0840, 200.0% – 1.0745.

A convergence is outlined on the four-hour chart on the Marlin Oscillator, this is a sign of a slight correction before a further decline. Consolidation will likely take place before the level of 1.0905.

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Source:: Forecast for EUR/USD on February 13, 2020

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