EUR/USD and GBP/USD Forecast February 5, 2018

The EUR/USD pair broke down during the trading session on Friday, reaching down towards the 1.24 level before bouncing significantly. This was the jobs number coming out of America at 200,000 for the month of January that move the market, but quite frankly it looks like we are trying to consolidate in general. The 1.25 level above offers resistance, but I do think that it’s only a matter of time before we break out to the upside. Once we do, I think that this market will eventually reach towards the 1.30 level and based upon a massive bullish flag on the weekly chart, I anticipate that the market could go as high as 1.32 over the longer term. Buying on the dips continues to be a viable strategy for the EUR/USD pair, so I have no interest in shorting, least not until we would break down below the 1.20 level at the minimum. for more analysis: http://www.dailyforex.com