For Traders

Analytical Reviews

Technical analysis

08.01.201604:54 Forex Analysis & Reviews: Technical analysis of EUR/USD for January 08, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Market Overview:

The Fed may still raise interest rates. The weakening economy in the eurozone is characterized by the slowdown in inflation, so the EUR/USD pair could weaken further. Today, the report on US Non-Farm Payrolls and US Unemployment Rate will be released. If the unveiled data does not match expectations and support the policy of interest rate hikes of the Fed, it can lead to reversal bias for the pair. From the technical point of view, we see a pattern "Three Little Indians" (picture-circle blue) on intraday charts, which indicates potential weakening.

Economic Data:

Today, the reports on French Trade Balance, French Industrial Production m/m, German Trade Balance, and German Industrial Production m/m will see the light of day. the United States will release its data on Consumer Credit m/m, Wholesale Inventories m/m, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. Amid this data, EUR/USD is likely to move with medium to high volatility today.

Technical Data's

Weekly Bias: Ranging

Daily Bias: Ranging

Today Technical Levels:

Breakout BUY Level: 1.0969

Strong Resistance:1.0963

Original Resistance: 1.0952

Inner Sell Area: 1.0941

Target Inner Area: 1.0916

Inner Buy Area: 1.0891

Original Support: 1.0880

Strong Support: 1.0869

Breakout SELL Level: 1.0863

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.