EUR/USD Daily Forecast - 26 January

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Friday, Jan 23 2015

Euro continued its Thursday's decline on Friday as well, falling below 1.12 handle, with markets still being influenced by ECB decision on 60 billion euros of asset purchase, though pair managed to rebound by the end of the session with a weekly closing above 1.1250 area.

As for Monday, we expect a bit of steadier session as market is likely to consolidate after huge decline so pair is likely to find support around 1.12 handle, and resistance above 1.1330 level. On a long-term basis, with possibility of Fed introducing rate hike soon, we believe that there is still a lot of place for this pair to go even lower, so buying is not an option at the moment. Our initial long-term selling target is place at 1.10 handle.

More in this category: « GBP/USD Daily Forecast - 26 January AUD/USD Daily Forecast - 27 January »

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