Weekly Analysis to trade the EURUSD.
Today EURUSD opened the week’s trading session lower and fell to its lowest level in a week, while the surging USD against the other major currencies and the negative impact of German Inflation figures released today putting more negative pressure over the Single European Currency.
Germany Consumer Price Index of January showed a drop of 0.6%, came weaker slightly than expected of 0.5% while the prior reading was higher of 0.7%.
In today’s session the USD rallied against major currencies hitting its highest level in a week, following the release of US Economic data today which showed an increase of personal income and spending data in January.
Thus, EURUSD has negatively affected by the U.S. President Donald Trump’s decision of a travel ban on seven countries citizens from entering the US which raised concerns among the financial markets prompting investors to pull back their high-risk investments and invest in safe-haven before the Federal Reserve Meeting to be held this week.
Forex Technical Outlook of EURUSD Pair this week 30 Jan – 3 Feb
EURUSD pair is trading at1.0688, Price tested the support level at the time find 38 Fibo line on the four-hour time frame, however the pair failed to break the support level and reserved toward the upward trend to settle above 23 Fibo line
Now, EURUSD trades above Moving Average Indicator line, both indexes MACD and Stochastic show a positive intersection to the upward trend
So, in short term, it is expected that price continue the upward trend targeting 1.0730 level then 1.7060 level
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