EURUSD Forecast | Daily Technical Analysis for January 26, 2017
EURUSD Technical Overview
Yesterday Close 1.0751
Today Open 1.0751
Day’s Range 1.0746 – 1.0766
52 wk Range 1.0339 – 1.1616
1-Year Change – 1.0%
EURUSD Technical Support and Resistance
Our Possible trading range for today 1.0746 – 1.0766
EURUSD pair possibly will find its immediate support at 1.0719. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0703 and 1.0679.
On the other side, we found immediate resistance at 1.0767 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0783 and 1.0807.
EURUSD Fundamental Analysis
EURUSD continued to consolidate and range near the highs of its recent range, something which we had mentioned that it would do in our forecast yesterday. The market is slowly settling down into the acceptance of the fact that Trump is here to stay for the next 4 years and irrespective of his twitter happy ways, it has to be resilient enough to handle anything that he might throw at them. As the days roll by, everyone would be able to slowly understand his agenda and his stand on various policies and would also understand what he can do and cannot do. It will help to clear some uncertainty around him and his team and if its clear that he may not shake things up too much, then we could see some love for the dollar.
We have the Eurogroup meetings to discuss economy and geopolitics but we do not expect any big announcement from this meeting. We also have the unemployment claims data from the US later in the day but we believe that the consolidation and ranging will continue for the EURUSD pair and that it will spend the rest of the day between 1.07 and 1.08.