EURUSD → Pre-break consolidation. Lots of news ahead

EURUSD is forming a trend change amid the strengthening of the DXY . Important news is expected today, which can affect the market in different ways.

On D1 we see the formation of a strong accumulation at the dollar index. Earlier and still the dollar index is supported by rather strong comments from the US regulators, which negatively affects the euro. The currency pair in turn breaks strong daily support and is gradually heading downwards. From a technical point of view, the fall may continue as the key area has not yet been tested. On the chart, it is clear that the 1.0700 area is an interesting zone at the moment.

Resistance levels: 1.083, 1.0887
Support levels: 1.082, 1.0724

On H4, support is formed, which restrains the market - 1.082. A breakout and price consolidation below the level could form a bearish momentum that could continue the trend. But, as there is a lot of news today, try to trade safely!

Regards R. Linda!

Kommentera:

Control the news situation, because the news will come gradually, which will affect the market and prices in the same way.

Today's releases are:
13:15 USD ADP Nonfarm Employment Change (Jan) Expected 145K instead of 164K
13:30 USD Employment Cost Index (QoQ) (Q4) - Expected 1.0% instead of 1.1%.
14:45 USD Chicago PMI (Jan) - Expected 48.0 instead of 46.9
19:00 USD FOMC Statement
19:00 USD Fed Interest Rate Decision - Expected unchanged at 5.50%
19:30 USD FOMC Press Conference

Kommentera:

The first news is coming out bearish for the dollar.

Kommentera:

A retest of trend resistance.
market is waiting for FOM & FED speech

Kommentera: