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
|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%||
|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||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