Date: 25th January, 2016
Currency Pair: EURUSD
EURUSD is in a corrective mode at current levels. After losing in a row in last couple of trading sessions the pair is now trying to stable at current levels. We can see small reversal pattern in 4 hours technical chart. The immediate resistance is seen at 1.0853 followed by 1.0908 and 1.0941.
On opposite 1.0765 is offering a strong support. Below this level we can find other support levels at 1.0732 and 1.0677.
Despite of falling in a row in last couple of trading sessions EURUSD has been trading in a very narrow range. If we look at the technical chart then we’ll find strong ranges are capped between 1.0973 towards up and 1.0765 towards down. We can’t see any confirmed trend at this time. For a clear reversal the price must cross 1.0853 price level which is 1st resistance for today. I’m bullish above 1.0853 price level.
Today’s Economic Events
|EUR||German Ifo Business Climate||High||108.5||108.7|
|EUR||Italian Retail Sales m/m||Low||0.2%||-0.3%|
|EUR||German Buba Monthly Report||Low|
|EUR||Belgian NBB Business Climate||Low||-1.9||-1.4|
|EUR||ECB President Draghi Speaks||High|
4 Hours Chart