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Euro sharply up at the beginning of European part of session

Tuesday, Jan 27 2015
After euro edged significantly down during the past two weeks due to SNB decision to stop protecting EUR/CHF exchange rates at 1.20 per CHF, and ECB announcement of asset-purchase program worth 60 billion euros, as well indicating possibility of further monetary measures, at the beginning of this week euro managed to rebound despite concerning results of Greek parliamentary elections that could bring another crisis to Eurozone.
 
With all this being the case we believe that rebound in euro is only of a short-term basis, with gains limited to 1.15 handle and that investors should be looking at this rally as a nice selling opportunity as euro will most certainly head towards 1.10 handle perhaps as soon as tomorrow when FOMC will release its interest rate decision and the following Statement. According to the analysts, Fed is likely to raise its interest rates as soon as first quarter of 2015.
 
Euro is currently being traded few points above 1.13 handle. Pair is likely to find support around 1.1250 level, and resistance above 1.1360 area. Later today, in the US session, Durable Goods Orders, CB Consumer Confidence and New Home Sales figures are scheduled for a release.
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