EUR/USD Daily Forecast - 15 January

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Wednesday, Jan 14 2015

Euro initially fell in the course of the session on Wednesday after European Court of Justice announcement, however, it found area around 1.1730 to be supportive enough in order to rebound and, with USD coming under pressure due to weaker than expected Retail Sales data, finish the session around 1.18 handle.

Tomorrow we would pay attention to US data. Any type of supportive candles around 1.1730 level, Wednesday's low, would offer short-term buying opportunity, while resistive candles above 1.1850 area would be short-term selling signal. Though euro managed to rebound, we believe it is ready to head lower, however, traders will probably be cautious ahead of next week's ECB Meeting. With that being the case we believe it would be wise to step aside from the market at the moment.

More in this category: « GBP/USD Daily Forecast - 15 January AUD/USD Daily Forecast - 16 January »

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