FX Monthly (Feb ’16)
The bounce from the 1.0538 low of December 2015 is extending, as momentum studies improve and the Tension Indicator continues to rise, with EUR/USD currently trading around 1.1300.
Further gains are highlighted in the coming weeks, with potential for a test of psychological resistance at 1.1500, but a close above critical resistance at the 1.1710 high of August 2015 is needed to push prices out of the current broad range, confirm a significant low in place at the 1.0456 low of March 2015 and turn investor sentiment decisively bullish.
A close below 1.1000 will signal a fresh pullback, and open up lows down to 1.0500.
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