EUR/USD Forecast | Daily Technical Analysis for January 5, 2017
EUR/USD Technical Overview
Yesterday Close 1.0488
Today Open 1.0488
Day’s Range 1.0481 – 1.0541
52 wk Range 1.0339 – 1.1616
1-Year Return – 1.94%
EUR/USD Technical Support and Resistance
Our Possible trading range for today 1.0481 – 1.0541
EUR/USD forecast: EURUSD pair possibly will find its immediate support at 1.0415. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0389 and 1.0345.
On the other side, we found immediate resistance at 1.0503 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0529 and 1.0573.
EUR/USD Fundamental Analysis
The Eurozone final PMI readings better than expected, with the services number revised up to 53.7 from 53.1, which after the manufacturing reading was confirmed at a strong 54.9 on Monday, brought the composite to 54.4, up from 53.9 in November as well as in the preliminary reading. So, 2016 ended on a high for the Eurozone economy, with the composite reading at the highest level since 2011.
Along with eur/usd technical analysis forecast, keep eye on the following economical events.
Upcoming Economic News : (GMT +2)
- 11:10am EUR Retail PMI
- 12:00pm EUR PPI m/m
- Tentative EUR French 10-y Bond Auction
- 2:30pm EUR ECB Monetary Policy Meeting Accounts
- 3:15pm USD ADP Non-Farm Employment Change
- 3:30pm USD Unemployment Claims
- 4:45pm USD Final Services PMI
- 5:00pm USD ISM Non-Manufacturing PMI
- 5:30pm USD Natural Gas Storage