EUR/USD Analysis – January 7

On Wednesday the pair had a broader range than average with the ISM data helping pushing the EUR higher.  FOMC Minutes later in the day caused another brief surge, but ultimately the release was benign.

Early trading in the Thursday session has the EUR pushing above Wednesday’s high at 1.4435.  A continued move higher is likely to encounter resistance by 1.4450-1.4460 followed by 1.4485.  1.4500 is a key level; former support which will now act as resistance.  Resistance beyond is at 1.4515, 1.4540 and 1.4565-1.4575.

A drop below 1.4380 will target 1.4365, 1.4340-1.4330.  Short-term trendline support comes in just below 1.4300 with additional support at 1.4280 and 1.4260.

Check out this “weird” Forex story here:

http://www.customforextrading.com/y/?i=1083859&u=3&l=f15

As you immerse yourself in the story, see how close it is to YOUR Forex story…

Cheers,

Cory Mitchell, CMT
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