EUR/USD Daily Forecast – 22 January

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Thursday, Jan 21 2016

Euro fell after yesterday's dovish comments by ECB President Mario Draghi, even breaking below 1.08 handle at one point, but managed to quickly rebound and finish the day well above this area. This indicates that there is plenty of buyers for this pair all the way to 1.07 handle and this is why we do not expect an easy way down.

As for tomorrow, we believe that pair will find some amount of support around 1.0750 handle and resistance above 1.09 handle so these would be our short-term buying and selling points. In long-term trends, we would remain on the sidelines for this pair as long as we are below 1.1050 area and above 1.07 handle, as there is no clear trend at the moment. But, bearing in mind dovish ECB comments resistive candles on rallies could offer selling opportunity.

More in this category: « GBP/USD Daily Forecast – 22 January AUD/USD Daily Forecast – 25 January »

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