Community Forecasts January 25 - 29 January: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the previous week, the most traded currency pair on the foreign exchange market fluctuated mostly positive, as the week's opening level for EUR/USD cross stayed about the 1.08 level and did not show strong gains or losses during all days except Friday. The single currency demonstrated some gains on Wednesday's evening as well as Thursday's morning, since investors were influenced by the negative sentiment coming from Asian equity markets. Also, the EUR/USD pair was awaiting the European Central Bank rate decision later in the European session. Meanwhile, there was no market reaction to the latest ECB monetary policy decision since policy remained unchanged, as widely expected. The deposit rate remained at -0.3% while the main refinancing rate at 0.05%. Nevertheless, the pair dropped on Friday amid more favorable data from the US and anticipation of further action by the European Central Bank. However, the Euro fought to defend the six-week support at $1.08. 
This week the overall sentiment on the EUR/USD cross deteriorated again. The majority of Dukascopy Community members are now waiting for the Euro to decrease. The average prediction for February 1, in turn, is located around the 1.08 level. Among important events in the Eurozone, traders should pay attention to the German's retail sales and EU consumer price index on Friday. United States are due to announce Fed Interest rate decision on Wednesday. Meanwhile, annualized GDP  is going  to be published on Friday, January 29.

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.