EURUSD Daily Forecast Jan 03 2020

EURO dollar 65985471

EURUSD: Faces Corrective Pullback Threats!

The outlook in ERUUSD has turned neutral. Resistance comes at 1.1225 levels while support comes at 1.1162 levels. On the downside, stability below 1.1225 will keep pushing on the 1.1162 levels. A cut below that level will extend the corrective pullback to 1.1124/1.1093 levels. A halt is likely, it may turn higher from here. However; Below the 1.1093 aims the 1.1038 levels. Further down, support comes at 1.1000 levels.

On the upside, a failure to close and hold below 1.1162 could mean a return to 1.1225 levels. Anyway; any upside move above 1.1162 should be limited by 1.1125 levels where fall resumption is likely. Only a sustained breakout – daily closing – above 1.1225 will restore the upside momentum and pave the way to 1.1265 level ahead of 1.1310 level.

In conclusion: The EURUSD sees corrective pullback threats below 1.1225 levels.

Support: 1.1162, 1.1124, 1.1093, 1.1038, 1.10000

Resistance: 1.1225, 1.1265, 1.1310, 1.1345, 1.385

Key data/events which may affect EURUSD today:
  • German Unemployment Change (Dec) at 08:55 GMT.
  • U.S ISM Manufacturing PMI (Dec) at 15:00 GMT.

EURUSD Daily Forecast Jan 03 2020