EUR/USD Forecast | Daily Technical Analysis for January 6, 2017
EUR/USD Technical Overview
Yesterday Close 1.0604
Today Open 1.0604
Day’s Range 1.0576 – 1.0613
52 wk Range 1.0339 – 1.1616
1-Year Return 1.76%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0576 – 1.0613
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0514. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0481 and 1.0427.
On the other side, we found immediate resistance at 1.0622 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0655 and 1.0709.
EUR/USD Fundamental Analysis
The EUR/USD pair rallied on Thursday, as we broke above the 1.05 level. In fact, the Euro looks rather strong, but I recognize that the 1.07 level above as a bit of a “ceiling” in this market, and sooner rather than later we will have sellers return. I believe that the Nonfarm Payrolls announcement could be a catalyst for selling, and a continuation of the longer-term selling that we have seen. If we broke above the 1.0750 level, I would be inclined to start buying, but until then I must believe that not much has changed.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News: (GMT +2)
1. 9:00am EUR German Factory Orders m/m
a. EUR German Retail Sales m/m
2. 9:45am EUR French Trade Balance
3. 12:00pm EUR Retail Sales m/m
4. 3:30pm USD Average Hourly Earnings m/m
a. USD Non-Farm Employment Change
b. USD Unemployment Rate
c. USD Trade Balance
5. 5:00pm USD Factory Orders m/m