EUR/USD traded in a narrow range of 1.1540-1.1580

January 22, 2015

Current trend

Yesterday was quite volatile for the EUR/USD. The pair traded in a narrow range of 1.1540-1.1580 before noon. Then the dollar fell in price sharply owing to the negative information on the US construction sector. A bit later, the market reacted to the news regarding the ECB's upcoming meeting. The European regulator is about to launch a monthly assets buyout program worth 50 billion euro.  As a result, the EUR/USD grew by over 100 points refreshing its highs at about 1.1680 and started to slowly decrease afterwards. The pair is currently trading at 1.1620.

Support and resistance

The resistance levels are 1.1640, 1.1650, and 1.1680. The support levels are 1.1580, 1.1540, 1.1490, and 1.1460. Bulls' main target is to consolidate below a level of 1.1500.

Trading tips

Further dynamics will depend on the ECB's decision. The most likely scenario is a fall in the EUR/USD rate. Sell below the levels of 1.1580 and 1.1500. Buy above a level of 1.1680. It would be also wise to place Sell Limit orders at 1.1650.  

Ilya Lashchenko,
Analyst at LiteForex Investments Limited

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
The dollar has settled moderately lower
Asian stock markets were mixed overnight, after U.S. and European shares closed in the red Thursday. Japan and mainland China bourses managed to move higher (Chinese GDP beat expectations at 6.8%)...
January 20, 2017
A huge disappointment in the UK data
UK retail sales fell most since 2012. We see he fastest pace of decline in almost five years in December. It is due to sales of... pretty much everything from household goods to clothing and food...
January 20, 2017
Trump takes office today. Markets await inauguration speech
Investors await Trump's inauguration and speech due later today as he takes office as the 45th President of the United States. The U.S. dollar was seen giving up some of the gains yesterday with some volatility coming off the EURUSD on the back of the ECB meeting...

FIBO Group Rating
OANDA Rating
XTB Rating
HotForex Rating
OctaFX Rating

TropicalTrade Rating
UKoptions Rating
Beeoptions Rating
Anyoption Rating
Dragon Options Rating
Empire Option Rating