Weekly Technical Outlook: EUR/USD ; Market Forecasts for January 9th – January 13th

• Resistance level 1.070668, 1.07968, 1.08740
• Pivot Level 1.05199
• Support Level 1.05213

Technical Analysis

EUR/USD looks for a consolidation pattern from 1.05213 levels and is still in progress with support holding the levels.

The price action produces a strong bullish momentum at the close of the week with the candle making some pull back indicating a shift in momentum to upside bias with the pair closing above the break of trend line pair.

It looks for corrective upward bias with price action confirming the bullish movement medium term rally which is still in progress from current levels with pair finding support and oscillator still above 49.0 levels.

An upward momentum is looking towards sustained trading above 1.07968 levels confirming a strong long term momentum.

This will remain the favoured case as long as support holds and when there is a break in these levels, one can expect levels of 1.07968 and later to 1.08740 levels. The outlook remains bullish for week.

Economic

• Unemployment Rate, Industrial Production
• ECB Monetary Policy Meeting Accounts
• Initial Jobless Claims, FOMC Member Harker Speech, Fed’s Yellen Speech
• Retail Sales, FOMC Member Harker Speech, Michigan Consumer Sentiment Index

Area of Interest

• Strong support at 1.05213 area and closed above support levels.
• Bullish momentum with two bar reversal and pair strongly closing above the support area.
• Price action closed above the break of trend line and oscillator above 49.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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