EUR/USD rose for most of the session as the Euro gained against the Dollar in a Fed-induced selloff. The extension of ultra low interest rates has the Dollar on the back foot, and as a result the Euro gets a bit of a reprieve.

The pair is still caught between the two levels that we mentioned yesterday: The 1.32 and 1.31 handles. This shows a tightening of the range, and with the Non-Farm Payroll numbers coming out on Friday, three is a real chance this pair stays there. With this in mind, we aren't trading it at the moment.

EUR/USD

EUR/USD Forecast February 2, 2012, Technical Analysis

EUR/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.2908
1.2983
1.3067
1.3142
1.3226
1.3301
1.3385

 Fibonacci
1.2983
1.3044
1.3082
1.3142
1.3203
1.3241
1.3301

 Camarilla
1.3107
1.3121
1.3136
1.3142
1.3165
1.3180
1.3194

 Woodie's
-
1.2986
1.3071
1.3144
1.3230
1.3303
-

 DeMark's
-
-
1.3264
1.3161
1.3105
-
-