logo |

News

    Home   >     Industry    >     Main body

    EUR/USD Daily Forecast – Test Of Resistance At 1.2325

    Abstract:EUR/USD managed to get above the resistance at 1.2310 and is trying to settle above the next resistance level at 1.2325.

      EUR/USD Video 06.01.21.

      Euro Gains Ground Against U.S. Dollar

      EUR/USD is currently trying to settle above the resistance at 1.2325 while the U.S. dollar is losing ground against a broad basket of currencies.

      [fx-forecasts-cta instrument=eur-usd broker=etoro link=https://ad.doubleclick.net/ddm/clk/483366012;289793895;c disclaimer=75%_of_retail_CFD_investors_lose_money]

      The U.S. Dollar Index has managed to get below the nearest support level at 89.40 and is moving lower. The next material support level for the U.S. Dollar Index is located at 89.

      It looks like Democrats will win both seats in the runoff elections in Georgia and take control of the Senate which is bearish for the U.S. dollar as they will likely introduce an additional stimulus package. If the U.S. Dollar Index gets to the test of the support level at 89, EUR/USD will get additional support.

      Today, EU will provide the final reading of the Euro Area Services PMI report for December. Analysts expect that Euro Area Services PMI will increase from 41.7 in November to 47.3 in December.

      It remains to be seen whether this increase will be sustainable given the current situation with coronavirus in Europe. At the same time, foreign exchange market traders may stay focused on the U.S. Senate elections rather than on the economic data from EU which will be bullish for EUR/USD.

      [fx-article-ad]Technical Analysis

      [fx-image src=/2021/01/eur-usd-january-6-2021.jpg data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/01/eur-usd-january-6-2021.jpg originalWidth=1220 ratio=2.53]

      EUR/USD is currently testing the nearest resistance level at 1.2325. RSI is close to the overbought territory but there is plenty of room to gain additional momentum.

      If EUR/USD manages to settle above the resistance at 1.2325, it will head towards the next resistance level at 1.2350. A move above 1.2350 will open the way to the test of the resistance at 1.2400. It should be noted that EUR/USD has not visited this territory for several years so it remains to be seen whether previous levels will be relevant for todays trading.

      On the support side, the previous resistance at 1.2310 will likely serve as the first support level for EUR/USD. In case EUR/USD declines below this level, it will head towards the next support at 1.2280. A move below the support at 1.2280 will push EUR/USD towards the support at 1.2250.

      For a look at all of todays economic events, check out our economic calendar.

    Latest News

    Malaysian Ringgit

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    Malaysian Ringgit
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.