EUR/USD Daily Forecast - 27 January

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Monday, Jan 26 2015

After it initially sank all the way to 1.11 handle due to results of Greek elections euro managed to rebound during the day, finding enough support below to form a hammer, which of curse positive sign. We do not believe that euro has changed its negative trend but we do recognize that there is potential of euro going slightly higher which would offer better selling point entry.

On a long-term basis we are strong sellers for this pair and believe that it would go down all the way 1.10 handle, so buying is not an option at the moment. As for tomorrow, pair is likely to find short-term support around 1.12 handle and resistance above 1.1350 area so these would be our short-term buying and selling points.

More in this category: « GBP/USD Daily Forecast - 27 January AUD/USD Daily Forecast - 28 January »

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