EUR/USD Daily Forecast – 06 January

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Tuesday, Jan 05 2016

Euro continued its downtrend during the yesterday's session, with weaker than expected Eurozone CPI figures mostly influencing markets as there were no data releases in the US part of the session. Pair even tested 1.07 handle as a support. This is of course a bearish sign since we have broke decisively below 1.08 handle which was the bottom of recent consolidation range.

With that being the case we would be sellers for this pair with target set at 1.0550 handle. As for tomorrow, focus will be on US data. Any type of supportive candles around 1.0650 level and 1.0630 level in extension would offer short-term buying opportunity, while resistive candles around 1.08 handle would be short-term selling signal.

More in this category: « GBP/USD Daily Forecast – 06 January AUD/USD Daily Forecast – 07 January »

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