EUR/USD Technical Analysis for January 24, 2017
Reply With QuoteGBPUSD Technical Forecast Overview
Yesterday Closed 1.2521
Today Open 1.2521
Day’s Range 1.2513 - 1.2542
52 wk Range 1.1450 - 1.5020
1-Year Return - 12.04%
GBPUSD Technical Support and Resistance
Possible trading range for today 1.2513 - 1.2542
GBPUSD pair possibly will find the immediate support at 1.2442. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2363 and 1.2311.
On the other side the market has immediate resistance at 1.2573. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2625 and 1.2704.
GBPUSD Fundamental Analysis
We had mentioned the same thing in our forecast yesterday where we had said that the ruling was expected to uphold the earlier decision which made the Parliament approval mandatory. We had also mentioned that though this would be good for the pound overall, there was a likelihood of a buy the rumor, sell the fact kind of move and this is what we saw yesterday as well as the pair crashed through 1.2500 and went as low as 1.2420 following the ruling but then it spent the rest of the day recovering. As of this morning, it has managed to recover its entire loss and sits below 1.2550 and we believe that this move in the pound has the legs to carry it as far as 1.27 or 1.28. This ruling is positive for the pound in the short term but its long term effects and the subsequent delays could place a lot of pressure on the pound in the medium term.
We do not have any major news from the UK but we have the oil inventory data from the US later on in the day which has the capacity to bring in risk into the markets. We believe that the GBPUSD pair will consolidate through the day with a bullish bias.
EURUSD Forecast | Daily Technical Analysis for January 25, 2017
EURUSD Technical Overview
Yesterday Close 1.0731
Today Open 1.0731
Day’s Range 1.0722 - 1.0738
52 wk Range 1.0339 - 1.1616
1-Year Change - 1.09%
EURUSD Technical Support and Resistance
Our Possible trading range for today 1.0722 - 1.0738
EURUSD pair possibly will find its immediate support at 1.0707. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0683 and 1.0649.
On the other side, we found immediate resistance at 1.0765 from our EURUSD technical analysis. If, market breaks the primary resistance level then, for sure market will go for the new resistance level 1.0799 and 1.0823.
EURUSD Fundamental Analysis
We had mentioned in our forecast yesterday that the EURUSD pair was at a crucial region of resistance which it would find hard to break through soon and that’s what we have been seeing over the past 24 hours as the pair consolidates just below that region, unable to find a way through. And with the twitter happy President of the USA also choosing to remain silent for a day, contrary to his character, the dollar also got a little breather and it managed to hold its own against all the currencies and this was another reason for the consolidation and ranging in the EURUSD pair.
We have the German IFO business climate which is expected to continue to show up the strong German economy and we also have the oil inventory data from the US and any drop in that should be able to increase the oil prices and increase the risk around the markets.
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