EUR/USD Forecast | Daily Technical Analysis for January 3, 2017
EUR/USD Technical Overview
Yesterday Close 1.0455
Today Open 1.0455
Day’s Range 1.0454 – 1.0484
52 wk Range 1.0350 – 1.1616
1-Year Return – 3.62%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0454 – 1.0484
EURUSD forecast: EUR/USD pair possibly will find its immediate support at 1.0446. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0426 and 1.0392.
On the other side, we found immediate resistance at 1.0514 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0534 and 1.0568.
EUR/USD Fundamental Analysis
The EUR/USD pair went back and forth during the day on Friday, testing the 1.05 level for support. We have recently seen a spike in this market, but quite frankly a lot of this would have been due to low liquidity and end of year position reporting by money managers, having the close out positions to report those gains to their customers. Given enough time, I think that the selling pressure returns, especially if we get anywhere near the 1.07 level, as the overall market prospects for the Euro continue to look very negative overall.
Looking ahead to today, we do not have any major news from the Eurozone for today and we have the ISM Manufacturing PMI data from the US. But more than these data, the fact that many traders and fund managers would be returning to their desks will what be holding the key to the price action for today. We do expect the EURUSD pair to come under pressure due to the return of the dollar strength and that should take the pair below 1.0400 during the course of the day.
Along with eurusd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News in EUROPE: (GMT +2)
- All Day EUR German Prelim CPI m/m
- 9:45am EUR French Prelim CPI m/m
- 10:55amEUR German Unemployment Change
- 4:45pm USD Final Manufacturing PMI
- 5:00pm USD ISM Manufacturing PMI
- USD Construction Spending m/m
- USD ISM Manufacturing Prices