Short-Term Forex Technical Outlook: EUR/USD

Daily Forex Technicals | Written by DailyFX | Jan 12 09 08:50 GMT |

Currency Pair: EUR/USD Chart: 60 Min Charts Short-Term Bias: Bearish The euro is likely to face increased selling pressures throughout the week as the European Central Bank is widely expected to lower the benchmark interest rate by 50bp to 2.00%. After dipping to a low of 1.2329 on 10/28, the pair bounced back to reach a high of 1.4720 on 12/18, but the lack of momentum to end the day higher indicates that investors are bearish against the pair. We may see the EURUSD continue to work its way lower over the week, but the oversold RSI signal paired with the divergence from the 120 SMA suggests that the pair may pull back towards 1.3500 before working its way to the downside. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.