EUR/USD Daily Forecast - 12 January

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Friday, Jan 09 2015

Despite better than forecasted NFP figures, euro managed to break higher on Friday with a daily closing around 1.1830 level. This is a sign that 1.18 handle and area slightly below it is offering plenty of support at the moment and with no major data releases on Monday we believe that this will continue to be the case.

Any type of supportive candles around 1.1750 level would offer short-term buying opportunity, while resistive candles near 1.1880 area would be short-term selling signal. On a long-term basis, it seems that pair is still not ready to break further lower and is perhaps waiting for next ECB move to resume its downtrend. IF we see break below 1.17 handle we believe that pair could go all the way to 1.16 handle. Therefore we are still far from buying this market.

More in this category: « GBP/USD Daily Forecast - 12 January AUD/USD Daily Forecast - 13 January »

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