EUR/USD continue downtrend to 1.1017 while trading below 1.1070

Anton Kolhanov Anton Kolhanov

EUR/USD, 6E futures market, Friday forecast, January 24

Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 1.1106, which will be followed by reaching support level 1.1070 and 1.1050.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1106, which will be followed by moving up to resistance level 1.1135 - 1.1146.

EUR/USD spot market, Friday forecast, January 24

Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 1.1070, which will be followed by reaching support level 1.1017.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1070, which will be followed by moving up to resistance level 1.1095 - 1.1105.

Weekly forecast, January 20 - 24

Most important news of this week
Monday: United States - Martin Luther King, Jr.
Tuesday: EU ZEW Economic Sentiment (Jan)
Wednesday: US Existing Home Sales (Dec)
Thusrday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)

Forecast and technical analysis
Downtrend
The downtrend may be expected to continue in case the market drops below support level 1.1080, which will be followed by reaching support level 1.1017.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1105, which will be followed by moving up to resistance level 1.1150 and 1.1170.

Monthly forecast, January - February

Downtrend
The downtrend may be expected to continue, while 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 pair rises above resistance level 1.1200, which will be followed by moving up to resistance level 1.1270 and 1.1370.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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