EUR/USD Daily Forecast – 28 January

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Wednesday, Jan 27 2016

Euro went back and forth in the course of the yesterday's session. Pair formed a support around 1.0850 level, but did not manage to break decisively above 1.09 handle, even after FOMC statement. As for tomorrow, we believe that pair is likely to find some amount of support around 1.0850 level, initially, and 1.08 handle in extension, while we can expect resistance around 1.0940 and 1.0980 level 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, especially around 1.10 handle.

More in this category: « GBP/USD Daily Forecast – 28 January AUD/USD Daily Forecast – 29 January »

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