EURUSD Daily Forecast Jan 07 2020

EURO dollar 65984545 x

EURUSD: Tests key Resistance 1.1200 With Caution

No change, the outlook in EURUSD remains neutral at the moment. Support comes at 1.1155 levels while resistance comes at 1.1200 levels. On the upside, a sustained breakout – daily closing – back above 1.1200 will restore the upside momentum and aim the 1.1245 levels. A halt is likely, but a break would open 1.1315 next, further upside, resistance comes at 1.1395 levels.

On the downside, a failure to hold above 1.1200 levels on a daily closing basis could mean a return to 1.1155 levels. Below 1.1155 aims 1.1124/1.1093 levels. The next support comes at 1.1038/1.1000 levels.

In conclusion: The EURUSD sees light bullish move above 1.1155 levels with caution…

Bottom Line On EURUSD Still Unclear

Stability above 1.1155 – daily closing basis – may expose the 1.1200 levels. If seen it will aim the 1.1245 levels. Selling the pair is only recommended below 1.1155 levels. Also buying the pair below 1.1200 ( daily closing basis) could be risky a bit. The pair is light bullish above 1.1160, and bullish above 1.1200, the corrective pullback will resume below 1.1155 levels.

Support: 1.1155, 1.1124, 1.1093, 1.1038, 1.1000

Resistance: 1.1200, 1.1245, 1.1315, 1.1395, 1.1450

Key data/events which may affect EURUSD today:
  • Euro-zone inflation report at 10:00 GMT (Moderate).
  • U.S ISM Non-Manufacturing PMI (Dec) at 15:00 GMT ( Moderate-Strong).

EURUSD Daily Forecast Jan 07 2020