EUR/USD Daily Forecast – 07 January

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Wednesday, Jan 06 2016

Euro went back and forth in the course of the yesterday's session, edging up slightly after FOMC Meeting Minutes but with 1.08 handle offering plenty of resistance at the moments. As for tomorrow, pair is likely to find support around 1.07 handle, so this would be our short-term buying point and resistance above 1.0850 area, in a case of a rebound so this is where we would consider short-term selling.

Long-term looking, we have no interest in buying this market at the moment, as it seems it is currently in a downtrend, heading towards 1.05 handle. We would first need to see decisive break above 1.10 and even 1.11 handle before consider buying the pair. Break below recent lows at 1.07 handle would be strong selling signal.

More in this category: « GBP/USD Daily Forecast – 07 January AUD/USD Daily Forecast – 08 January »

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