FXTM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
FxPro information and reviews
HFM information and reviews

EURUSD: consolidation expected

20 January 2020

On Friday, January 17, the euro was down at the close of trading. The euro followed in the footsteps on the GBP, which fell heavily against the US dollar after weak retail sales figures for December were published in the UK. The data increased the likelihood that the Bank of England would decide to lower the level of basic interest rates in the country at its next meeting. The EURUSD pair fell to 1.1086. By the end of the day, the euro had fallen 0.43%, and by 0.26% across the entire week.

The American session saw continued pressure on the euro, due to the upcoming long weekend in the US.

Today’s events (GMT+3):

Friday’s expectations for a decrease in the EURUSD pair were fully justified, with the fall In price ended at the 67th degree. On the hourly chart, a three-wave structure has formed from 1.1172. According to the AO indicator, there is no defined end to the downward movement, and bears may attempt to set a new minimum at the 1.1086 mark.

At the time of writing, the euro is worth 1.1099. The price is hovering around the trend line at 1.1172. Given that there is a national holiday in the US, and the Stochastic Operator is in the oversold zone, it is forecast to grow to 1.1106 with a subsequent drop to 1.1089.

Most major currencies are trading in the black, and the economic calendar is scarce. A spike in volatility may be caused by the head of the ECB Christine Lagarde, who is scheduled to speak at 21:30 Moscow time. According to the forecast, we considered a weak rebound, however there could be a sharp “double bottom” - it all depends on the bulls’ activity. Crosses with the euro are all up, with the exception of EURAUD. If Monday’s price stays above 1.1086 until Tuesday, then bulls will have the opportunity to restore the price to 1.1140.


Share: Tweet this or Share on Facebook


Dollar flat as market braces for central bank decisions later in the week
Dollar flat as market braces for central bank decisions later in the week

The dollar was up modestly in early trading in Europe on Monday, at the start of a key week for central bank meetings on both sides of the Atlantic. By 03:00 ET (08:00 GMT), the dollar index...

30 Jan 2023

Mega Central banks, OPEC, NFP & Earnings week
Mega Central banks, OPEC, NFP & Earnings week

China Stock market returns from Luna New Year break. Chinese stocks rose while most other Asian equities fell as investors looked to interest rate decisions scheduled this week in the US...

30 Jan 2023

XAU/USD remains on the defensive around $1,925 ahead of US PCE
XAU/USD remains on the defensive around $1,925 ahead of US PCE

Gold price remains on the defensive for the second straight day amid modest US Dollar strength. Thursday’s upbeat US macro data fuels hawkish Fed expectations...

27 Jan 2023

XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP
XAU/USD retreats from multi-month top amid modest USD recovery, ahead of US GDP

Gold price pulls away from a fresh multi-month top amid a modest US Dollar strength. Bets for smaller rate hikes by Federal Reserve, recession fears should help limit losses...

26 Jan 2023

Microsoft: Still Trapped Within Descending Channel
Microsoft: Still Trapped Within Descending Channel

Microsoft Corp., an American multinational technology conglomerate currently ranked the third largest company by market capitalization ($1.728T) which actively engages...

24 Jan 2023

Same story new week
Same story new week

Chinese New Year celebrations – many centres are closed in Asia. Treasuries sagged to end on a bearish week. USDIndex at 101.30 low as the market continued...

23 Jan 2023

Editors' Picks

FXCM information and reviews
ActivTrades information and reviews
RoboForex information and reviews
MultiBank Group information and reviews
MultiBank Group
Libertex information and reviews
Vantage information and reviews

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.