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Forecast and trading recommendations on EUR/USD for February 02, 2015

The Euro lost more than 950 pips in the previous month against the US dollar. After the ECB disclosed a 1.2 trillion euro's quantitative easing program, the euro lost 6.5% against US dollar last month. During the previous week, the pair gained more than 100 pips. It was the first week the pair closed with gains after a decline for 6-week. Today, the focus has shifted to Spanish unemployment, manufacturing PMI, and Italian manufacturing PMI. The pair still favors selling on every rise. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560. As of now, the monthly resistance exists at 1.2000 and 50Dsma levels. The short-term trend will chance only if the price closes above this.

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