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EUR/USD Daily Forecast – 13 January

Tuesday, Jan 12 2016

Euro was initially pushed higher in the course of the yesterday's session, but found area around 1.09 to be to resistive at the moment and spent rest of the session in a decline, with a support slightly above 1.08 level. With no major data releases tomorrow, pair is likely to find support around 1.08 handle initially, and 1.0750 area in extension, while resistance is set above 1.09 level, yesterday's low.

On a long-term basis, despite this decline, as long as euro remains within its consolidation range, now between 1.07 and 1.1050 handle and until we see break below or above one of these key areas we would stay on the sidelines and wait for a more clear picture, though resistive candles around 1.10 handle would be nice short-term selling signal as well as break below yesterday's lows.

More in this category: « GBP/USD Daily Forecast – 13 January AUD/USD Daily Forecast – 14 January »

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