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19.01.2021: EUR and GBP may go on losing in value. Outlook for EUR/USD and GBP/USD.

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Wyświetleń:
The European currencies are showing an insignificant rise. There are several reasons for that. First of all, the m acroeconomic calendar is completely empty today. Secondly, investors remain cautious ahead of the eurozone’s inflation data that is slated for release tomorrow. The report may have a significant influence on the ECB’s meeting results. It is no secret that quotes may move against the forecast ahead of the important data publication. We can see this phenomenon at the moment. Economists suppose that the eurozone consumer prices will show the same fall for the fourth month in a row. Thus, deflation may last for the fifth consecutive month. This is a really negative factor. It means that the ECB may extend its quantitative easing program. Such fears have the greatest influence on the market. Nevertheless, trading activity will become higher only tomorrow. Last Friday, we noted that the euro/dollar pair met the support level of 1.2059. After that, the pair slowed down and stopped. A smaller number of short positions led to the upward correction. On the trading chart, we can see that the pair reached the level of 1.2120 and slowed down. However, the price may still advance to 1.2145. After that, it has all chances to decline to 1.2060. Lower dynamics may result in pair’s fluctuation between the mentioned levels. At the beginning of yesterday’s European session, the pound/dollar pair faced the support level of 1.3520. After that, it slowed down and returned to the important level of 1.3610. According to the trading chart, the area of 1.3610 is weighing on buyers, thus, leading to the price reverse. If the price bounces from the level of 1.3610, it may hit 1.3520 logged yesterday. If the pair fixes below 1.3520, it may slide to 1.3450, the low logged on January 11.

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