EUR/USD Forex Signal: Consolidation Likely Today

1/18/2022 3:15:00 PM

$EURUSD #Forex Signal: Consolidation Likely Today

Forex

$EURUSD Forex Signal: Consolidation Likely Today

The price is close to a key support level at $1.1387.

AdvertisementTRADE EUR/USD NOWEUR/USD AnalysisI wrote on Thursday last week that it looked like the odds were clearly with the bulls on the long side, due to weakness in the US odllar, but I thought that we were unlikely to see much more of a price rise as I thought that the resistance level at $1.1456 was likely to hold, at least for the short term.

This was not a great call as the price managed to get established above that level and hold there,more or less, for a couple of days.The technical picture has changed somewhat. We have seen renewed strength in the US dollar over the past 3 days, and this is in line with its long-term bullish trend although recent weeks have seen a pronounced dip in that trend, to the point that the trend begins to be called into question. This dollar strength has pushed the price down.

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that occurs at the given levels.Get Started NOW! Key Economic Data The GBP/USD pair has struggled in the past few days as political concerns remain.Fargo.that occurs at the given levels.

Advertisement TRADE EUR/USD NOW EUR/USD Analysis I wrote on Thursday last week that it looked like the odds were clearly with the bulls on the long side, due to weakness in the US odllar, but I thought that we were unlikely to see much more of a price rise as I thought that the resistance level at $1.1456 was likely to hold, at least for the short term. While the prime minister sent an apology message to the queen last week, many people in his party believe that he will not finish his current term. This was not a great call as the price managed to get established above that level and hold there, more or less, for a couple of days. There will not be a fresh Summary of Economic Projections, and we expect the FOMC to reaffirm its current pace of tapering, leaving asset purchases on track to end in mid-March. The technical picture has changed somewhat. These challenges are coming out at a time when the UK is about to start Brexit negotiations with the European Union. We have seen renewed strength in the US dollar over the past 3 days , and this is in line with its long-term bullish trend although recent weeks have seen a pronounced dip in that trend, to the point that the trend begins to be called into question. I also thought that long trade from a bullish bounce t 0.

This dollar strength has pushed the price down. The UK wants to resolve the crisis and has warned that it could trigger Article 16 if it does not get its wish. We expect the statement and Chair Powell in his press conference to downplay the temporary slowdown in growth due to the most recent wave of the virus and highlight the overall strength of the labor market. We now see the price consolidating right on the support level of $1.1387 after having fallen weakly and printed new resistance levels which are quite close by. The ONS will publish the latest jobs numbers on Tuesday. This suggests that as we have no major data releases today to disturb this situation, we will be likely to see the price consolidate today between $1. If inflation continues to surprise to the upside, a March increase will be all but assured.1387 and $1.2% in November as the country battled the new Covid-19 crisis.7300, the price has fallen again and is encountering similar pivotal support and resistance levels, most notably the old resistance level at 0.

1435 or maybe $1.1451. Additionally, analysts expect the data to show that the country’s inflation rose from 5.75-2. If I am correct, the best way to trade this currency pair today will be bounces off these levels , most notably a potential long scalp off $1.1387 which could be the first such opportunity today.2% in December. I am a little worried there may be more volatility than I expect later after New York opens due to the US returning from yesterday’s public holiday, so scalpers should be cautious around the New York open.”   Information on these pages contains forward-looking statements that involve risks and uncertainties.7223 which will suggest the price will continue to rise, or A bearish breakdown below approximately 0.

There is nothing of high importance due today concerning either the EUR or the USD.0%. Top Forex Brokers .