Sponsors

EUR/USD Forecast January 7, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 07 January 2016 06:16 UTC

The EUR/USD pair initially fell during the day on Wednesday, but found enough support at the 1.07 level to turn things around and form a nice-looking hammer. The hammer of course is a very supportive and positive candle, but there should be a significant amount of resistance at the 1.08 level based upon the previous support there. With that, we believe that waiting for resistive candle is the best way to go as we can search selling the Euro yet again. On the other hand, if we break down below the 1.07 level, the market should continue to go lower, perhaps reaching down to the 1.05 level.

EUR/USD Forecast January 7, 2016, Technical Analysis

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.

Sponsors

Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.