Technical analysts at Mizuho Corporate Bank note that momentum for the pair EUR/USD will become bullish but this won’t happen before the beginning of March. Such forecast is based on the fact that euro has formed a strong «spike low» on the monthly candle chart climbing from the 1.2870 zone.

The specialists expect the single currency to consolidate in February between 1.3400 and 1.3800 and finally to try riding to 1.4200.

According to Mizuho, resistance levels are found at 1.3760/1.3786, 1.3900 and 1.4100, while support lies at 1.3570, 1.3500 and 1.3300.



Chart. Monthly EUR/USD

More info about FBS