empty
 
 
26.01.2023 08:25 AM
Breaking forecast for EUR/USD on January 26, 2023

Since the macroeconomic calendar was absolutely empty, the euro returned to its local high and may climb even higher amid the US statistical reports, especially the GDP data for the fourth quarter of 2022. The initial estimate is likely to show a slowdown to 1.6% from 1.9%. This could hardly be considered a positive factor for the greenback. Since there are more and more rumors about an inevitable recession, a slowdown in economic growth may only fuel fears. That is why the GDP data is enough to spur a further decline in the US dollar. What is more, forecasts for the US unemployment claims are also gloomy. Thus, the overall number of claims may increase by 16,000. In particular, the number of initial claims may surge by 12,000, whereas the number of continuing claims may increase by 4,000. In other words, all the forecasts are negative. If the predictions come true, the euro will soar to new local highs.

US GDP Growth Rate

This image is no longer relevant

The number of long positions on the euro resumed rising. As a result, the quote approached the local high of the upward cycle from January 23.

On the four-hour chart, the RSI technical indicator is hovering in the upper area, which corresponds to the bullish sentiment among traders. On the daily chart, the indicator approached the overbought area but did not cross it. Under the current conditions, it points to traders' great interest in long positions on the euro.

On the four-hour and daily charts, the Alligator's MAs are headed upwards, which confirms the uptrend.

This image is no longer relevant

Outlook

If the price consolidates above 1.0940 at least on the four-hour chart, the volume of long positions will increase. In this case, the mid-term uptrend is likely to continue, allowing the pair to approach the psychological level of 1.1000.

The alternative scenario presupposes a bounce off the local high like it was on January, 23.

In terms of the complex indicator analysis, we see that the in the short-term, intraday, and mid-term periods, the indicators are pointing to the upward cycle.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $8000 más!
    ¡En Marzo, sorteamos $8000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback