EUR/USD Forecast Jan. 4-8 2021 – Euro Ends Year With Winning Week

EUR/USD declined sharply on the last day of the year but still managed to post a winning week. The first week of 2021 is busy, with 11 releases. Here is an outlook at the highlights and an updated technical analysis for EUR/USD. 

There was only one eurozone release during a quiet Christmas week. Spanish CPI came in at -0.5%. The inflation indicator has now posted a decline for nine straight months.

In the US, the Chicago PMI rose to 59.5 in December, up from 58.2 and beating the forecast of 56.6 points. Pending Home Sales declined for a third straight month, with a reading of -2.6%. The week ended on a positive note, as unemployment claims dropped for a second straight week, falling to 787 thousand.

EUR/USD daily chart with support and resistance lines on it. Click to enlarge:

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