EUR/USD Daily Forecast 28.01

The Euro failed to hold above 1.47 on Friday and declined into the mid 1.46 area, finding support at 1.4660. Support backs 1.4660 at 1.4620 and 1.4570. Resistance emerges at 1.4700 followed by 1.4730 and 1.4780. Daily sentiment is slightly bearish and a close above the 1.4730 mark is needed to confirm a reversal. Hourly studies are neutral at the time of this writing. The Euro will probably recover some of its recent losses by climbing towards 1.4710-1.4730 but we do not expect it to get too far yet, instead getting into a ranging period. Current quote is 1.4675 @07:00 GMT

E-Forex