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EUR/USD Daily Forecast - 06 January

Monday, Jan 05 2015

Euro continued its decline during the session on Monday, breaking decisively below 1.20 handle, and it seems that pair is now ready to continue further lower. Based on a long-term charts we can expect some amount of support around 1.1850 area and 1.1820 level so these would be our short-term buying points.

On the other hand, without any major data releases tomorrow, or least those that could bring any significant movements we believe that pair should find resistance around 1.1980 level so this is where we would sell the pair on a short-term basis. On a long-term basis, we are not overly optimistic for this pair, what we could see now is that pair could resume its downtrend all the way to 1.17 handle so this would be our initial long-term target. Buying is not an option at the moment.

More in this category: « GBP/USD Daily Forecast - 06 January AUD/USD Daily Forecast - 07 January »

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