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The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance. On the D1, we see formation of lower highs this month. An attempt to get above the 50-day MA (1.1095) on Tuesday has failed. As a result, the pressure on the support at 1.1065 (100-day MA, 2019 support line) will intensify. The meeting of the European Central Bank this week may provide a market moving force.
The decline below 1.1060 will open the way down to 1.1040 and 1.1000. On the other hand, if the trend line support holds, a return above 1.11 may lead to a recovery to 1.1130. There, however, the 2020 resistance line and the 200-day MA should limit further growth.
We have outlooked several promising Forex pairs and the result can surprise you!
4H Chart Daily Chart We sent out a signal yesterday to long EUR/USD between 1…
4H Chart Daily Chart EURUSD declined back yesterday after trying to test its 1…
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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