EUR/USD can start downtrend from resistance 1.1200 to support 1.1124

Anton Kolhanov Anton Kolhanov

EUR/USD, Monday forecast, January 6

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 1.1165, which will be followed by reaching resistance level 1.1200 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1.1238.
Downtrend
An downtrend will start as soon, as the pair drops below support level 1.1165, which will be followed by moving down to support level 1.1124.

Weekly forecast, January 6 - 10

Most important news of this week
Monday: EUR Markit Composite PMI (Dec), USD Markit Composite PMI (Dec)
Tuesday: EUR Core CPI (YoY) (Dec), USD ISM Non-Manufacturing PMI (Dec)
Wednesday: USD ADP Nonfarm Employment Change (Dec), Crude Oil Inventories
Thursday: EUR ECB Publishes Account of Monetary Policy Meeting
Friday: USD Average Hourly Earnings (YoY) (Dec), USD Nonfarm Payrolls (Dec), USD Unemployment Rate (Dec)

Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1124 and 1.1075.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1270.

Monthly forecast, January - February

Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1075 and 1.1020.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1270 and 1.1370.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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