EURUSD – Daily Analysis – 29th January, 2016

Date: 29th January, 2016

Currency Pair: EURUSD

EURUSD turns strongly down from an overbought territory. The pair has unable to hold yesterday’s gain. In 4 hours chart price action is clearly bearish, to be confirmed with a break below 1.0883 the immediate support for today. Below 1.0883 support level 1.0827 and 1.0785 are subsequent support levels.

On the upper side 1.0981 is a strong resistance  for today. Other resistance levels are at 1.1023 and 1.1079.

Today at early trading hours we’ve seen good volatility in the pair. The support level 1.0883 i.e. 1st support has able to stop the pair from further slide. However the pair is still weak at the moment.  Bearish pressure is still overpowering the pair. Any break below 1.0883 may proved as significance from technical perspective. I’m bearish on this pair.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
EUR French Prelim GDP q/q Low 0.2% 0.3%
EUR German Retail Sales m/m Medium 0.3% 0.2%
EUR French Consumer Spending m/m Low 0.6% -1.1%
EUR French Prelim CPI m/m Low -0.9% 0.2%
EUR Spanish Flash CPI y/y Medium 0.1% 0.0%
EUR Spanish Flash GDP q/q Medium 0.8% 0.8%
EUR M3 Money Supply y/y Medium 5.2% 5.1%
EUR Private Loans y/y Low 1.5% 1.4%
EUR CPI Flash Estimate y/y High 0.4% 0.2%
EUR Core CPI Flash Estimate y/y Medium 0.9% 0.9%
USD Advance GDP q/q High 0.8%
2.0%
USD Advance GDP Price Index q/q Medium 1.2% 1.3%
USD Employment Cost Index q/q Medium 0.6% 0.6%
USD Goods Trade Balance Medium -60.0B -60.5B
USD Chicago PMI Medium 45.4 42.9
USD Revised UoM Consumer Sentiment Medium 93.1 93.3
USD Revised UoM Inflation Expectations Low 2.4%

4 Hours Chart


Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
EURUSD 1.0883 1.0827 1.0785 1.0981 1.1023 1.1079
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