EUR/USD Daily Forecast 25.01

The Euro has rallied on yesterday and passed through the entire 1.46-1.47 zone finding support in the 1.47 area. Intra-day support is seen at 1.4730 backed by 1.4685, 1.4635 and 1.4590. Resistance emerges at 1.4780 followed by 1.4825, 1.4865 and 1.4910. Upside bias is favored by the indicators on the daily studies while the hourlies are slightly bearish at the time of this report. The Euro has retraced after reaching the 1.4780 mark and the retracement may resume during the upcoming session. Strong intra-day support is formed at 1.4685 which is also the 50 fib retracement of yesterday's 1.4590-1.4780 move. We expect this level to hold on potential pullbacks and provide good entry levels on bullish positions aiming to 1.48 and above. Due to the current retracement, the Euro doesn't look overbought but it may face strong resistance while trying to climb higher into the 1.48 area. Current quote is 1.4767 @ 07:15 GMT.

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