EUR/USD Daily Forecast – 27 January

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Tuesday, Jan 26 2016

Euro was initially pushed higher in the course of the yesterday's session but area around 1.0870 level offered plenty of resistance at the moment. However, with no data releases trading was still in a tighter range with support around 1.0820 level. Main market mover will be FOMC interest rate decision. At the moment, pair has initial support around 1.0780 level and 1.0750 area in extension, while we can expect resistance around Friday's and yesterday's highs at 1.0880 and 1.0930 level.

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 – 27 January AUD/USD Daily Forecast – 28 January »

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