EUR/USD Daily Forecast – 21 January

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Wednesday, Jan 20 2016

After it was initially pushed higher, euro once again found area around 1.0980 level to be to resistive at the moment and pulled back in the rest of the session, thus forming a shooting star as a daily candle. However, this is more a sign of traders being nervous ahead of tomorrow's ECB Meeting and even more following press conference. Dovish stanzas would push euro all the way to 1.08 handle, as a initial support, while more hawkish tone would probably cause break above major resistance at 1.10 handle and way up to 1.1050 area.

In long-term trends though we have no interest in buying this pair as long as we do not see decisive break above 1.1050 handle. Selling is not an option at the moment, as 1.08 handle offers plenty of support. At the moment we would remain on the sidelines as there is no clear trend, and also we would first like to see developments following tomorrow's ECB conference before placing any larger bids.

More in this category: « GBP/USD Daily Forecast – 21 January AUD/USD Daily Forecast – 22 January »

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