FX.co ★ EUR/USD analysis for February 03, 2021 - Breakout of bigger head and shoulders patttern. Pottetnial test of 1.1810

Prior +0.4%

• PPI -1.1% vs -1.2% y/y expected
• Prior -1.9%

Producer prices pick up further towards the end of last year and while that is a positive development in terms of price pressures, this is very much a lagging data point.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is still potetnial for the bigger drop on the EUR and test of 1,1810.

Key Levels:

Resistance: 1,2050

Support levels: 1,2810 and 1,1760