EUR/USD Daily Forecast - 21 January

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Tuesday, Jan 20 2015

Despite rather good Economic Sentiment figures euro was unable to hold on initial gains and fell by the end of the yesterday's session to a daily closing of around 1.1550 area. Traders are a bit cautious ahead of ECB and we believe that this is scenario we are about to witness tomorrow as well since there will be no major data releases from Eurozone.

Pair is likely to find support around 1.15-1.1480 area, so this would be our short-term buying point, and resistance above 1.1620 level where we would consider selling the pair. In long-term trends we have no interest in buying this pair, especially ahead of ECB Thursday's meeting after which there is a high chance of euro even going lower, so we feel more than comfortable with selling this pair with a target set at 1.10 handle. Buying is not an option until we see break above 1.20 handle.

More in this category: « GBP/USD Daily Forecast - 21 January AUD/USD Daily Forecast - 22 January »

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