EUR/USD Daily Forecast - 09 January

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Thursday, Jan 08 2015

Euro initially fell during the session on Thursday, but found area around 1.1750 level to be supportive enough at the moment in order to rebound, forming a little hammer, with a daily closing around 1.1780 level. Main market mover tomorrow will be NFP figures. Weaker than expected data would push pair higher with initial resistance around 1.1850 and 1.1880 level in extension.

On the other hand better than forecasted figures would cause downtrend, and we would not be surprised to see euro around 1.17 handle. In long-term trends we have no interest in buying this pair, but would continue with selling policy as soon as we see decisive break below 1.18 handle, after which pair could target 1.15 handle.

More in this category: « GBP/USD Daily Forecast - 09 January AUD/USD Daily Forecast - 12 January »

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