EUR/USD will continue downtrend below 1.1100 to 1.0940

Anton Kolhanov Anton Kolhanov

EUR/USD, 6E futures market

Wednesday forecast, January 29

Uptrend
An uptrend will start from support 1.1030, which will be followed by moving up to resistance level 1.1050 and 1.1060.
Downtrend
The downtrend may be expected to continue in case the market drops below support level 1.1030, which will be followed by reaching support level 1.1015 and 1.0970.

EUR/USD spot market

Wednesday forecast, January 29

Uptrend
An uptrend will start from support 1.1100, which will be followed by moving up to resistance level 1.1017 and 1.107.
Downtrend
The downtrend may be expected to continue in case the market drops below support level 1.1100, which will be followed by reaching support level 1.0981 and 1.0940.

Weekly forecast, January 27 - 31

Most important news of this week
Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
Tuesday: US Core Durable Goods Orders (MoM) (Dec)
Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer

Forecast and technical analysis

Downtrend
The downtrend may be expected to continue in case the market drops below support level 1.1017, which will be followed by reaching support level 1.0940.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 1.1036, which will be followed by moving up to resistance level 1.1105.

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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