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EUR/USD Daily Forecast - 30 January

Thursday, Jan 29 2015

Euro went back and forth during the yesterday's session, initially breaking lower, but found area around 1.1260 level to be supportive enough in order to rebound and finish the session around 1.13 handle. Focus of tomorrow's session will be on CPI data. Weaker than expected figures would push pair all the way to 1.1250 level initially

and then possibly to 1.12 handle, while better than forecasted data would cause an uptrend but we expect resistance as soon as 1.1370 level. In long-term trends, despite this incline, we have no interest in buying this pair, as we believe that this rally should be limited by 1.15 handle, and that we can expect a further decline in euro in the next couple of weeks with a selling target set a t 1.10 handle.

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