EUR/USD Forecast | Daily Technical Analysis for January 12, 2017
EUR/USD Technical Overview
Yesterday Close 1.0583
Today Open 1.0583
Day’s Range 1.0572 – 1.0614
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.53%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0572 – 1.0614
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0487. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0447 and 1.0381.
On the other side, we found immediate resistance at 1.0619 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0659 and 1.0725.
EUR/USD Fundamental Analysis
It was a chaotic day of trading yesterday which would have given a lot of stress for the investors and traders alike. But none of it was know earlier in the day as the EURUSD pair wandered about during the Asian and London session with no specific direction, as if waiting for the Trump conference to begin later in the day. But when it did begin, it was chaos all around as the prices moved this way and that based on his speech and the following press conference and the shorts and the longs had an equally difficult time.
The dollar had gained in strength before the conference in anticipation of something concrete from him but with nothing much to chew on, the dollar got pounded across the board which helped the EURUSD pair to recover its losses and try and make headway again to the top of its range just above 1.0600 which is where it sits as of this writing. If the pair has to continue its bull run, it is key that it breaks this region pretty soon else we will be in for some more consolidation and range trading.
We have the unemployment claims data from the US but the dollar is expected to reel from the after-effects of Trump and the dollar is at a crucial point where the bulls have to make a stand, else it is likely to fall which will push the pair towards 1.0700.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News: (GMT +2)
- 9:45am EUR French Final CPI m/m
- 11:00am EUR Italian Industrial Production m/m
- 12:00pm EUR Industrial Production m/m
- 2:30pm EUR ECB Monetary Policy Meeting Accounts
- 3:30pm USD Unemployment Claims
- USD FOMC Member Evans Speaks
- USD FOMC Member Harker Speaks
- USD Import Prices m/m
- 5:30pm USD Natural Gas Storage
- 8:01pm USD 30-y Bond Auction
- 9:00pm USD Federal Budget Balance