EUR/USD Daily Forecast – 08 January

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Thursday, Jan 07 2016

Euro was pushed higher in the course of the yesterday's session, breaking decisively above 1.08 handle and heading towards 1.09 handle by the end of the session. By doing this euro completely rebounded from downtrend it went through initially this week. As for tomorrow, main market mover will US NFP figures. Weaker than expected data would push pair above 1.0930 level, which is next resistance with pair probably heading towards 1.10 handle.

On the other hand better than forecasted figures would push euro back to 1.08 handle, where we can expect some amount of support. On a long-term basis, we would remain on the sidelines for this pair, since there is a quite a bit volatility at the moment, but it seems that pair just extended its consolidation range to 1.07 handle, but with major resistance at 1.10 area.

More in this category: « GBP/USD Daily Forecast – 08 January AUD/USD Daily Forecast – 11 January »

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