EUR/USD Daily Forecast – 29 January

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Thursday, Jan 28 2016

Euro spent most of the yesterday's session in an uptrend, forming a support slightly below 1.09 handle and even breaking above 1.0950 handle in the course of the session. This is of course a bullish sign, but we can expect a lot of sideways trading as we are approaching to important resistance at 1.10 handle. As for tomorrow, we believe that pair is likely to find some amount of support around 1.0870 level, initial, while we can expect resistance around 1.10 and 1.1050 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, though current trend is more bullish and indicates that pair could test ceiling of recent consolidation range. We have no interest in selling the pair at the moment.

More in this category: « GBP/USD Daily Forecast – 29 January AUD/USD Daily Forecast – 01 February »

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