EUR/USD Is Staying At The Top

www.investing.com/analysis/eurusd-is-staying-at-the-top-200614953

By Dmitriy Gurkovskiy | Jan 17, 2022 06:02AM ET

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The EUR/USD pair is relatively calm early in another week of January. EUR/USD is trading at 1.1430; the “greenback” local strengthening slowed down. US markets are closed today because of Martin Luther King Jr. Day.

The statistics published earlier were rather weak and made the USD retreat. The Retail Sales in the US dropped 1.9% m/m in December against the expected reading of -0.1% m/m. The November reading was also revised downwards.

As a result, it’s been the first decline of the indicator in three months. One may think that the Christmas season started earlier. That’s why the December reading was disappointing. In addition to that, both manufacturers and retail chains revised their deliveries due to Omicron-related concerns.

The Industrial Production in the US was also below expectations – the indicator lost 0.1% m/m against the expected reading of +0.3% m/m. The indicator was influenced by the very same Omicron strain along with high inflation.

In the H4 chart, EUR/USD has finished another ascending wave at 1.1482; right now, it is correcting towards 1.1384 and may later start another growth with the short-term target at 1.1500.

After that, the instrument may correct to return to 1.1384 and form one more ascending structure with the target at 1.1543.

From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is falling towards 0.

EUR/USD price chart.

As we can see in the H1 chart, after falling and reaching the short-term correctional target at 1.1397, EUR/USD is forming a new ascending wave to test 1.1434 from below.

Later, the market may complete the correction by reaching 1.1385 and resume growing with the target at 1.1500.

From the technical point of view, this idea is confirmed by the Stochastic Oscillator: its signal line is moving above 80 and may soon resume falling towards 50.

EUR/USD 1-hour chart.

Disclaimer: Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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Central Banks

Interest Rates

Next Meeting

FED

1.00%

Jun 15, 2022

ECB

0.00%

Jun 09, 2022

BOE

1.00%

Jun 16, 2022

SNB

-0.75%

Jun 16, 2022

RBA

0.35%

Jun 07, 2022

BOC

1.00%

Jun 01, 2022

RBNZ

2.00%

Jul 13, 2022

BOJ

-0.10%

Jun 17, 2022

CBR

14.00%

Jun 10, 2022

RBI

4.00%

Jun 08, 2022

PBOC

3.70%

BCB

12.75%

Jun 15, 2022

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EUR/USD Is Staying At The Top

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