EUR/USD Forecast | Daily Technical Forecast for January 20, 2017
EUR/USD Technical Overview
Yesterday Closed 1.0665
Today Open 1.0665
Day’s Range 1.0652 – 1.0694
52 wk Range 1.0339 – 1.1616
1-Year Return – 2.18%
EUR/USD Technical Support and Resistance
EUR/USD pair possibly will find the immediate support at 1.0609. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0587 and 1.0553.
On the other side the market has immediate resistance 1.0677. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0699 and 1.0733.
EUR/USD Fundamental Analysis
EUR/USD had an up and down day yesterday as it crashed below 1.0600 for a brief while but then clawed all the way back up towards the end of the day and continues to trade near the highs of its range as of this writing. The euro has shown some remarkable resilience since the start of the year and though the dollar has tried to best to make a comeback against the euro, it has always found the going tough over the past few weeks and the euro has always bounced back and it continues to look strong.
Yesterday, we had the ECB rate statement and the press conference that was addressed by the ECB President Draghi who made it clear that the ECB had no intention of reducing the QE in the near future. He also stressed that the recent inflation was due to the increase in energy prices and so did not require any major action from the ECB at this point of time. This seemed to cause some jitters in the market and it pushed the EURUSD pair down below 1.0600 for a brief while.
Looking ahead to today, we do not have any major news from the eurozone or the US region and as said above, we can expect some more consolidation at the highs in this pair for today.
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