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EUR/USD Daily Fundamental Forecast – February 16, 2018

Colin First
Updated

The EURUSD has continued higher since the beginning of the week and is now just short of the range highs as of this writing. We should be seeing the euro make the jump anytime now as the dollar continues to weaken all across the board and it looks set to close the week on the backfoot as well.

Euro Looks for 3 Year Highs

The euro is just short of making 3 year highs and even now, there does not seem to be too much panic among the US and the Eurozone central bank leaders which probably shows that they are comfortable with what they are seeing. The improving economic conditions in the Eurozone is being reflected in the data and this is something that they cannot deny at any cost. That is beginning to show up as the euro strength and this is likely to keep the euro buoyant in the short and medium term as we expect the end of the QE by this year and the increase in rates from the next year from the ECB.

EURUSD Hourly
EURUSD Hourly

The onus is on the dollar to muster some strength to counter this bull run from the euro but so far, it has not managed to do so. There has not been any specific fundamentals or economic data or geopolitical issues that is driving this move lower in the dollar but it just seems to be a slow and steady drip lower for the currency. There does not seem to be anything that would help the dollar in the near horizon which makes us believe that the euro could be heading for 1.26 and higher.

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Looking ahead to the rest of the day, we do not have any major data from the US or the Eurozone for the day and we believe that the euro could continue its strength in a continuation of its trend which we have been seeing since the beginning of the week.

This article was originally posted on FX Empire

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