28.01.202205:51 Forex Analysis & Reviews: Forecast for EUR/USD on January 28, 2022

Yesterday's data on US GDP for the fourth quarter strengthened the dollar's growth - the index grew by 6.9% against the forecast of 5.5% and 2.3% in the third quarter. Other data came out: the volume of orders for durable goods in December fell by -0.9%, but basic orders increased by 0.4%.

Exchange Rates 28.01.2022 analysis

Yesterday the price overcame the support of the 1.1170 target level, now the support is becoming a resistance. Below this level, a slight consolidation of the price on the occasion of Friday and the desire of investors to take profits is possible. Further, we are waiting for the continuation of the downward movement to the next target of 1.1050.

Exchange Rates 28.01.2022 analysis

On a four-hour scale, the signal line of the Marlin Oscillator is turning up from the oversold zone. Unless unexpected news arrives today, for example, the US retail spending for December projected today does not suddenly show an increase (a decrease of 0.6% is expected), then we are waiting for price consolidation. If the data exceeds expectations, then the moderate decline of the euro may continue.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Trade Wise, Win Devise
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.