Forecast for EUR/USD on Jan 24, 2020

Posted On 24 Jan 2020

EUR/USD

The ECB held a meeting on Thursday and the head of the regulator, Christine Lagarde, confirmed the previously adopted plan to continue the stimulating policy for another “long time” and hinted at the likelihood of working with “green bonds”. The euro fell by 37 points.

On the daily chart, the price touched the support of the embedded line of the price channel with a lower shadow; now, with yesterday’s low, the target will be the Fibonacci level of 138.2% at the price of 1.0986. Today, the market may not have time to complete the task of consolidating under Thursday’s low; its immediate goal is to repeat support testing, now at the level of 1.1033.

On the four-hour chart, the price reversal occurred exactly from the MACD line, price indicators and the Marlin oscillator consistently show a further decrease in the trend.

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Source:: Forecast for EUR/USD on January 24, 2020

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