EUR/USD Daily Forecast – 11 December

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Thursday, Dec 10 2015

After it broke above 1.10 handle on Wednesday, euro was unable to hold onto gains and pulled back in the course of the yesterday's session finding area around 1.0930 level to be supportive enough at the moment. Focus of tomorrow's session will be on US data.

Weaker than expected figures would push pair back above 1.10 handle, but with initial resistance around 1.1020 area, while better than forecasted data would cause further decline, with support around 1.0880 and 1.0850 level in extension. With no clear break above 1.10 handle at the moment, we would still remain on the sidelines for this pair, in long-term trends. We would wait for a break above 1.11 handle that could send market all the way to 1.14 and 1.15 handle in extension. Selling is not an option at the moment.

More in this category: « GBP/USD Daily Forecast – 11 December AUD/USD Daily Forecast – 14 December »

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