EURUSD: Limited Recovery On Positive German Unemployment Change…
As long as 1.1045 resistance holds on a daily closing basis. The EURUSD remains on the downside to 1.0990 levels. A halt is likely, it may test 1.1045 before attempts to break lower. Anyway; Below 1.0990 aims the 1.0930 level, further down, support comes in the 1.0890 level.
On the upside, immediate resistance comes at 1.1045 levels. Above 1.1045 sees recovery threats to 1.1085 levels where another fall is likely. However; A sustained break above 1.1085 will extend the corrective recovery to 1.1140/1.1170 levels.
In conclusion: The EURUSD sees downside threats below 1.1045 levels. Above 1.1045 sees recovery threats to 1.1085 levels…
Support:1.0990, 1.0930, 1.2890, 1.2840, 1.0780
Resistance: 1.1045, 1.1085, 1.1141, 1.1170, 1.1228
Weekly Forecast: As long as 1.1117 resistance holds on a weekly closing basis. The EURUSD remains on the downside to 1.1018/1.0957 levels ahead of 1.0880/1.0800 levels. Above 1.1117 sees recovery threats to 1.1187/1.1238 levels ahead of 1.1275 levels.
Key data/events which may affect EURUSD today:
- The German Unemployment Change fell -2K, from 8K a month earlier. Missing a forecast of 5K supporting the EURUSD. This development will suggest possible rebound to 1.1045 levels where another fall is likely.
- The U.S will release advance fourth-quarter GDP figures on Thursday at 13:30. The forecast is to grow at a rate of 2.1%.