EUR/USD Daily Forecast - 16 December

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Monday, Dec 15 2014

Euro finished session on Monday around 1.2440 area. It was initially pushed down, but managed to rebound with USD coming under pressure on global concerns, pulling back once again by the end of the day. As for tomorrow we can expect much more volatility with Eurozone PMI and Manufacturing PMI figures being released.

Pair is likely to find support around 1.24 handle, which proved to be supportive during the session on Monday so this would be our short-term buying point, while some amount of resistance is likely to occur above 1.25 handle so this is where we would consider selling the pair. Long-term looking we are far from buying this pair and would rather wait for some type of resistive candle in order to start selling it again with a long-term target set at 1.2050 level.

More in this category: « GBP/USD Daily Forecast - 16 December AUD/USD Daily Forecast - 17 December »

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