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EUR/USD Daily Forecast - 28 January

Tuesday, Jan 27 2015

Though there were no major data releases from Eurozone yesterday, euro managed to sharply rebound finishing the session well above 1.13 handle, which indicates that we could be seeing consolidation after recent highe decline. However, we do believe that any uptrend should be limited by 1.15 handle which was previous strong support so it now must be tested as resistance.

As for tomorrow, we expect majorit of market volatility with FOMC Statement. Some amount of support can be expected around 1.12 handle, while area above 1.1480 level should be massively resistive even in a case of a dovish statement. In long-term trends, we believe that rebound in euro is only of a short-term basis, with gains limited to 1.15 handle and that investors should be looking at this rally as a nice selling opportunity as euro will most certainly head towards 1.10 handle.

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