EURUSD Daily Forecast Jan 24 2020

EURO- dollar -6598745454

EURUSD: Positive German Manufacturing PMI Suggests A Selling Opportunity…

As long as 1.1097 resistance holds on a daily closing basis. The EURUSD remains on the downside to 1.1040 levels. A halt is likely, it may test 1.1070 before attempts to break lower. Anyway; Below 1.1040 aims the 1.0990 level, further down, support comes in the 1.0930 level.

A daily closing above 1.1097 will activate the recovery mode and pave the way to 1.1140/1.1170 levels…

On the upside, immediate resistance comes at 1.1070/1.1097 levels. Above 1.1097 – daily closing – sees recovery threats to 1.1140/1.1170 levels where another fall is likely. However; A sustained break above 1.1170 will extend the corrective recovery to 1.1207/1.1228 levels.

In conclusion: The EURUSD sees downside threats below 1.1097 levels. Above 1.1097 sees recovery threats to 1.1140/1.1170 levels…

Support: 1.1040, 1.0990, 1.0930, 1.2890, 1.2840

Resistance: 1.1070, 1.1097, 1.1141, 1.1170, 1.1228

Key data/events which may affect EURUSD today:

Germany already released data on Manufacturing PMI. The indicator rose, from 43.7 to 45.2, passing a forecast of 44.5 in the last month. This development will suggest a selling opportunity below 1.1070/1.1097 range.

EURUSD Daily Forecast Jan 24 2020