EUR/USD Daily Forecast – 04 January

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Thursday, Dec 31 2015

Though there were no data releases from Eurozone, and US figures came to be weaker than expected, euro was pushed lower in the course of the Thursday's session, as these kind of movements do not come as a surprise in a holiday trading which often leaves only smaller traders to move the markets. With Friday being New Year's Day, trading will continue on Monday.

Pair should find some amount of support around 1.08 handle and resistance above 1.0930 level and 1.0950 handle in extension, so these would be our short-term buying and selling points. In long-term trends, we have no reason to get involved in this market as long as we are within consolidation range between 1.08 and 1.10 handle. However, after unsuccessful attempt to break above 1.10 handle, we do recognize that pair could head towards consolidation bottom at 1.08 handle.

More in this category: « GBP/USD Daily Forecast – 04 January AUD/USD Daily Forecast – 05 January »

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