EUR/USD Daily Forecast - 08 January

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Wednesday, Jan 07 2015

Euro spent most of European part of yesterday's session in a downtrend after Eurozone CPI fell to -0.2%, with a daily closing around 1.1840 level. Tomorrow, we can expect a bit steadier session as there will be no major data releases from Eurozone. Any type of resistive candles above 1.19300 level would be short-term selling signal

, while supportive candles around 1.1810 area would offer short-term buying opportunity. Long-term looking we believe that this pair will continue lower. With CPI falling to deflation area ECB will soon have to undertake further monetary measures which should have negative impact on euro. With that being the case we are not interested in buying this market until we see decisive break above 1.20 handle.

Last modified on Wednesday, 07 January 2015

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