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In short this week EUR/USD was trading in a tight range and sideways. EUR/USD couldnt break The weak opening price.
EUR/USD forecast for the week of January 18, 2015 The EUR/USD pair initially fell during the course the week but found enough support at the 1.08 level to turn things back around and form a bit of a bounce and more importantly, a hammer. Because of this hammer, it looks as if the buyers are starting to get involved, and if we can break above the resistance level at the 1.1050 level, we are more than willing to start buying and should see this market go as high as 1.14, perhaps even the 1.15 level above there.
EUR/USD Forecast Jan. 18-22 EUR/USD continued trading in range, looking for a new direction. The ECB might provide guidance, with its all important rate decision, among other noteworthy events. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
The euro enjoyed safe haven flows amid more worries about China and further pressure in oil prices, but it maintained its ranges. Messages from the ECB were mixed: some don’t want further stimulus while the meeting minutes did leave an open door. We will learn more now. In the US, the mediocre data rules with a second rate hike in March seeming to fade away.
Updates:
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As I see from the economic data, the US economy still struggles with some problems. Seems to me, that the parity is hard to reach.
And I also think, that FED themselves wouldn't allow a strong dollar for a long time.
On Friday session the single currency added value against the dollar, the price remained in wee known ranges. The pair added 54 pips and closed at 1.0917. The price moved above the moving average, while the index of relative strength remained on neutral territory. A break of the first support at 1.0854 will contribute to further decline.
On the last Friday’s session the EURUSD initially rose but found enough selling pressure to give back some of its gains but still closed in the green, in the middle of the daily range, in addition managed to close within the previous day range, suggesting that a consolidation is settling in.
The pair continues to close above the 10 and the 50-day moving average that are acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1047 (resistance), previous swing high at 1.0984 (resistance), 10-day moving average at 1.0894 (support), the 50-day moving average at 1.0830 (support) and the last swing low at 1.0805 (Support).
Even with the opening gap EUR/USD couldn't escape the sideways trading
The EUR/USD move in a narrow rang today almost under the 1.0900 level, hope we see good move for the pair.
The single currency recorded decrease against the US dollar on Monday. The session started at 1.0917 and ended 27 pips lower. The graphics continue to develop over moving averages, while the index of relative strength remained on neutral territory. The outlook remains negative and the levels at 1.0854 appear to be the main goal.