EUR USD Forecast | Daily Technical Forecast for January 19, 2017
EUR USD Technical Overview
Yesterday Closed 1.0630
Today Open 1.0630
Day’s Range 1.0622 – 1.0642
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.6%
EUR USD Technical Support and Resistance
EUR USD Forecast: EUR USD pair possibly will find the immediate support at 1.0622. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0600 and 1.0565.
On the other side the market has immediate resistance 1.0692. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0714 and 1.0749.
EUR USD Fundamental Analysis
Yesterday, we saw the dollar finally gain back some of its strength on the back of some good economic data and also due to some fundamental changes that occurred in the market during the course of the day. We had been expecting this return to strength of the US dollar and we always believed that it was only a matter of time before it returned.
Yesterday, the dollar was quiet during most part of the Asian and the London session though the things were simmering with the EUR USD unable to make a break for it after piercing through 1.0700. The pair could not make further progress and was waiting for economic data to make some headway. That came in the form of CPI data from the US which was as per expectations and this helped the dollar to gain some strength which quickly dissipated in the market volatility. The real changer came after the speech by the US Fed Chief Yellen who made it clear that the economic data is as per Fed targets and if the data continues like this for the next few months, then we could expect another hike from the Fed pretty soon.
Looking ahead to today, we have the ECB rate statement and the following press conference. We do not expect any changes in the rates or in anything, for that matter but we could expect the ECB to spell out the targets and what has been achieved. We also have the Philly Fed Index and Unemployment Claims data from the US which should ensure good volatility and we expect the dollar strength to continue for the day.
Upcoming Important Economic News: (GMT +2)
1.11:00am EUR Current Account
2.Day 3 ALL WEF Annual Meetings
3. 3:30pm EUR ECB Press Conference
a. USD Building Permits
b.USD Philly Fed Manufacturing Index
c.USD Unemployment Claims
d.USD Housing Starts
4.6:00pm USD Crude Oil Inventories