EUR/USD Can Start Downtrend From Resistance 1.1200 To Support 1.1124

EUR/USD, Monday forecast, January 6

Uptrend

The uptrend may be expected to continue, while the EUR/USD pair is trading above support level 1.1165, which will be followed by reaching resistance level 1.1200 and if it keeps on moving up above that level, we may expect the EUR/USD pair to reach resistance level 1.1238.

Downtrend

A downtrend will start as soon, as the EUR/USD pair drops below support level 1.1165, which will be followed by moving down to support level 1.1124.

Weekly forecast, January 6 - 10

Most important news of this week

• Monday: EUR Markit Composite PMI (Dec), USD Markit Composite PMI (Dec)
• Tuesday: EUR Core CPI (YoY) (Dec), USD ISM Non-Manufacturing PMI (Dec)
• Wednesday: USD ADP Nonfarm Employment Change (Dec), Crude Oil Inventories
• Thursday: EUR ECB Publishes Account of Monetary Policy Meeting
• Friday: USD Average Hourly Earnings (YoY) (Dec), USD Nonfarm Payrolls (Dec), USD Unemployment Rate (Dec)

Forecast and technical analysis

Downtrend

The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1124 and 1.1075.

Uptrend

An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1270.

Monthly forecast, January - February

Downtrend

The downtrend may be expected to continue, while the EUR/USD pair is trading below resistance level 1.1200, which will be followed by reaching support level 1.1075 and 1.1020.

Uptrend

An uptrend will start as soon, as the EUR/USD pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1270 and 1.1370.