EUR/USD Daily Forecast – 05 January

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Monday, Jan 04 2016

After euro was initially pushed higher, testing 1.0950 level as a resistance, in the US part of the session pair sharply pulled back all the way to consolidation bottom at 1.08 handle, and even slightly below it. This is of course a bearish sign but we would need to see more decisive break below 1.08 handle and daily closing below this area before we would start selling the pair in long-term trends.

Our next target at that moment would be 1.0550 area. As for tomorrow, we expect that pair will find some amount of support around 1.0750 area and resistance near 1.09 handle so these would be our short-term buying and selling points. With return of liquidity after holiday season we can expect larger movements again.

More in this category: « GBP/USD Daily Forecast – 05 January AUD/USD Daily Forecast – 06 January »

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