EUR USD Daily Technical Analysis for January 10, 2017
EUR USD Technical Overview
Yesterday Close 1.0575
Today Open 1.0575
Day’s Range 1.0575 – 1.0627
52 wk Range 1.0339 – 1.1616
1-Year Return – 3.13%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0575 – 1.0627
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0526. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0508 and 1.0479.
On the other side, we found immediate resistance at 1.0584 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0602 and 1.0631.
EUR USD Fundamental Analysis
EUR USD had a bullish day yesterday though the odds were stacked against it in the day preceding that. We had a decent employment report and excellent average wages data from the US last Friday and this seemed to have set the tone for this week as we had expected the dollar to strengthen against the euro and continue to do so as we progressed through the week. But the EURUSD pair bucked the trend consolidated through the Asian and London sessions and then during the NY session, it pushed through from 1.0520 to 1.0580 and it trades just below 1.0600.
We do not have any major news from the Eurozone or the US region for the rest of the day and so we can expect the trends and currency flows to dominate the price movements for today. The stock markets have also shown some general weakness and they seem to be quite unsure of whether to push through on their bullish run or consolidate and this means that we are at a crucial point in the pricing of the dollar and very close to something giving away.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News: (GMT +2)
- 9:45am EUR French Industrial Production m/m
- 1:00pm USD NFIB Small Business Index
- 5:00pm USD JOLTS Job Openings
- USD Final Wholesale Inventories m/m