EURUSD Forecast | Daily Technical Analysis for January 13, 2017
EURUSD Technical Overview
Yesterday Close 1.0612
Today Open 1.0612
Day’s Range 1.0604 – 1.0620
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.45%
EURUSD Technical Support and Resistance
Our Possible trading range for today 1.0604 – 1.0620
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0578. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0551 and 1.0506.
On the other side, we found immediate resistance at 1.0668 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0695 and 1.0740.
EURUSD Fundamental Analysis
The EURUSD surged in trading over the last 24 hours as it finally seemed to be liberated from the range that was holding it back. It was helped in no mean terms by the weakness in the dollar which continued to the second day yesterday. With Trump not being very supportive of the dollar and not caring to spell out the fiscal and economic policy for the future, the market felt let down and it showed its disappointment on the dollar.
This helped to push the EURUSD up towards 1.0600 where it spent a large part of the day yesterday. This is the region that the pair had been finding quite difficult to break during the previous times and the traders waited to see how the pair would respond this time. After a bit of hesitancy for some time, the pair managed to crack through the region and reached as far high as 1.0685 on continued dollar weakness.
We have the Retail Sales and PPI data from the US and the dollar bulls would be hoping for some good data on this front so that they can survive this onslaught by building a case for a Fed rate hike quite soon. If the data comes out bad, it would mean that the rate hikes are likely to be delayed and this would be extremely dollar negative and we could see the pair make its way towards 1.0700 again.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News: (GMT +2)
- 9:00am EUR German WPI m/m
- 3:30pm USD Core Retail Sales m/m
- USD PPI m/m
- USD Retail Sales m/m
- USD Core PPI m/m
- 4:30pm USD FOMC Member Harker Speaks
- 5:00pm USD Prelim UoM Consumer Sentiment