EURUSD Weekly Forex Forecast – 21st to 25th Jan 2019
The week ahead will see the Bank of Japan holding its monetary policy meeting. The central bank, which has remained on the sidelines for the most part of last year, is expected to keep rates unchanged at -0.75%. The recent rally in the Japanese yen is however expected to see some reactions from the central bank officials. Following the release of the BoJ’s monetary policy statement, Governor Kuroda is expected to hold a press conference as well.
The ECB will also be holding its meeting this week. Given the dovish outlook from the December meeting according to the minutes, the ECB meeting this week could strike a dovish tone. Economic data over the week from the Eurozone will cover the flash manufacturing and services PMI for January ahead of the ECB meeting. Data from the U.S. is relatively quiet. The monthly durable goods orders will be released on Friday with other second tier data such as flash services and manufacturing PMI reports from MARKIT coming out earlier.
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Chart set up: The EURUSD currency pair was seen trading weak as price action fell close to the support level near 1.1351. For the moment, the support is likely to hold the declines as price action could have ample room to test the upside once again.
Key support/resistance levels:
Support: 1.1351; Resistance: 1.1449
The Euro currency weakened amid a stronger dollar and weak fundamentals from the Eurozone. The 4-hour Stochastics is currently in the oversold level which could see some short term correction. However, if the support at 1.1351 fails the EURUSD could potentially breakout to the downside and push to test the lows established at 1.1274. For the week ahead, the EURUSD currency pair is expected to be flat.
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