EUR/USD Daily Forecast – 16 December

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Tuesday, Dec 15 2015

After euro initially tested 1.1050 handle as a resistance, it sharply pulled back by the end of the session going all the way to 1.09 handle. This was mainly result of traders adding some value to USD ahead of tomorrow's Fed rate decision. This will also be main market mover tomorrow.

If Fed rise interest rates, euro is likely to to go much lower, with initial support around 1.08 handle, but we expect that pair will head towards 1.05 handle given enough time. On the other hand, if rates remain unchanged this would push euro towards 1.12 handle. Long-term looking, we would currently remain on the sidelines until we see Fed's decision. At the moment, pair is in consolidation between 1.08 and 1.10 handle and needs this kind of an impulse.

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

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