EUR/USD Daily Forecast - 20 January

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Monday, Jan 19 2015

Euro spent most of the Monday's session in an uptrend after it sharply fell last week, finishing the day above 1.16 handle. As for tomorrow we can expect some volatility with ZEW Economic Sentiment figures, though traders will probably be cautious ahead of ECB Meeting.

We believe that we can expect some amount of support around 1.1550 level, yesterday's low and resistance above 1.1670 area so these would be our short-term selling and buying points. If we take a look at long-term chart we can see that next major support area for euro is around 1.10 handle, and this would be our selling target, as we do not see any huge uptrend as a likely scenario in the near future.

More in this category: « GBP/USD Daily Forecast - 20 January AUD/USD Daily Forecast - 21 January »

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