EUR/USD Short term Outlook

FX_IDC:EURUSD   Euro / U.S. Dollar
169 0 3
EUR/USD             has slightly recovered after making low of 1.14585 and short term trend is bearish as long as resistance 1.1669 holds.

ECB is likely to announce a 550 billion euro             ($640 billion) bond –purchase program on policy meeting to be held on Jan 22nd (Thursday). The QE which is expected to be announced on Thursday will have negative impact on EUR/USD             and so the pair is expected to decline further.
On the upside break above 1.11669 will take the pair to 1.1785/1.1850 in short-term.
The pair’s minor support is around 1.14585 and breaking below will target 1.1376.

Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell EUR/USD             around 1.1673, SL 1.1751, Target 1.1445.
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