EUR/USD Daily Forecast - 12 December

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Thursday, Dec 11 2014

Euro finished session yesterday around 1.2380 area. With only Targeted LTRO figures being released which were of no major impact on the markets, euro was mostly pushed down after better than forecasted US Retail Sales and Unemployment Claims figures. As for tomorrow, main market mover will be US Retail Sales and Consumer Sentiment data.

In a case of better than forecasted figures pair should find support around 1.2360 level so this would be our short-term buying point, while weaker than expected data would push euro higher but with a resistance above 1.2510 area. On a long-term basis, despite rebound this week, general outlook is still bearish with resistance stretching all the way to 1.30 handle so in scenario are we buyers for this market at the moment.

More in this category: « GBP/USD Daily Forecast - 12 December AUD/USD Daily Forecast - 15 December »

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