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EUR/USD Forecast: bulls fighting back, but 1.1960 caps for now

Written Valeria Bednarik | 2018-01-10 04:43:13 GMT

After bottoming at 1.1915 on Tuesday, the EUR/USD pair finally found some buying interest, slowly recovering some of the ground lost these last few days. The pair recovered early Europe up to 1.1954, finding resistance at the 38.2% retracement of the latest weekly bullish run, for now. In general, the greenback has lost its early week's strength, except against the JPY which keeps rallying on the latest BOJ's announcement on JGBs, although the action is taking place away from the common currency, as the local macroeconomic calendar is empty today, with no news to trigger some action. In the US, once again we have minor reports in terms of relevance for the market, including import and export prices, and wholesale inventories. Evans and Bullard from the Fed will be on the wires during the US afternoon.

Technically, the pair is still at risk of falling, given that in the 4 hours chart, it remains below a bearish 20 SMA, whilst technical indicators have barely bounced from oversold readings, still deep into negative territory.  On a positive note, the pair was unable to breach a bullish 100 SMA, neither the 50% retracement of the mentioned rally, a couple of pips below the mentioned low.

The key now is 1.1960, as an extension above the level will encourage bulls to try the 1.2000 level. Above this last, 1.2030 comes as the next bullish target.  Below 1.1915, on the other hand, the pair is at risk of resuming its slide, with 1.1875, the next Fibonacci support as the immediate bearish target.

View Live Chart for the EUR/USD

 

Author

Valeria Bednarik
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