EUR/USD Daily Forecast - 19 January

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Friday, Jan 16 2015

After huge decline on Thursday, it was somewhat steadier session for euro on Friday, which went back and forth but finished the day around 1.1580 area. It even tried to break a bit higher, but there was to much resistance near 1.1650 level. With no major data releases from Eurozone on Monday and with US banks being closed this is scenario we are likely to witness yet again.

Any type of resistive candles above 1.1650 level should offer nice short-term selling opportunity, while supportive candles around 1.1550 area and 1.1530 level in extension would make us consider selling the pair. Long-term looking, downtrend in this pair is more than obvious and with that being the case we feel more than comfortable with selling it, seeing 1.10 handle as potential target. Buying is not an option.

More in this category: « GBP/USD Daily Forecast - 19 January AUD/USD Daily Forecast - 20 January »

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