EUR/USD Daily Forecast – 25 November

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Tuesday, Nov 24 2015

Euro was pushed higher in the course of the yesterday's session, but area around 1.0670 level still offers plenty of resistance at the moment. We can expect quite volatile session tomorrow, with focus on US data, especially since Thursday will be marked by Thanksgiving holiday.

We believe that weaker than expected figures would push euro all the way to 1.07 handle, with resistance around 1.0730 level, while better than forecasted data would cause push pair back to 1.06 handle, where we can expect significant amount of support. On a long-term basis, we have no interest in buying this pair as there is plenty of resistance for this pair, all the way to uptrend line. With that being the case we would use these kind of rallies as selling opportunities, since pair will sooner or later test 1.05 handle as a support.

More in this category: « GBP/USD Daily Forecast – 25 November AUD/USD Daily Forecast – 26 November »

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