EUR/USD Forecast | Daily Technical Analysis for January 9, 2017
EUR/USD Technical Overview
Yesterday Close 1.0533
Today Open 1.0531
Day’s Range 1.0522 – 1.0545
52 wk Range 1.0339 – 1.1616
1-Year Return – 3.63%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0522 – 1.0545
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0527. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0525 and 1.0521.
On the other side, we found immediate resistance at 1.0535 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0537 and 1.0541.
EUR/USD Fundamental Analysis
EURUSD has begun the day a bit quietly and seems to be in a consolidation and ranging mode after having a small fall post the release of the NFP and the wage earnings from the US on Friday. The NFP posted slightly lesser numbers than what was expected but the wage earnings posted a jump and the market chose to focus on the wage earnings than the NFP numbers. If there was a concern about the employment numbers in the December report, it was the average earnings as it showed a drop then and the market and traders were concerned that adding employment which does not pay much is of no use as it does not increase the spending of the population.
We do not have any major economic news from the eurozone or the US and so we can expect the prevailing trends and the theme to dominate the markets as of today. We expect the dollar to continue to trade strongly though the EURUSD pair has shown some good resilience over the past few days.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News: (GMT +2)
1. 9:00am EUR German Industrial Production m/m
a. EUR German Trade Balance
2. 11:00am EUR Italian Monthly Unemployment Rate
3. 11:30am EUR Sentix Investor Confidence
4. 12:00pm EUR Unemployment Rate
5. 5:00pm USD Labor Market Conditions Index m/m
6. 10:00pm USD Consumer Credit m/m