Europe’s common currency is coming off another week of solid gains. What are Euro traders attention fixated on? Study the latest 29 January EURUSD Technical Forecast to see.
29 January, OctaFX – The euro is starting to correct lower against the greenback in early Monday trading, as the U.S dollar index starts to recover against a basket of major currencies. The EURUSD pair is currently hovering around the 1.2400 level, with downside pressure gathering while price trades below the key 1.2432 technical level.
Euro traders now look to the release of the Federal Reserves preferred a measure of domestic inflation in the U.S economy, the Core PCE Index.
29 January EURUSD Technical Forecast
The EURUSD pair may correct lower while trading below the 1.2432 level, downside support is found at 1.2385 and 1.2323.
Should the EURUSD pair move above the 1.2432 level, we may see further buying towards 1.2493 and 1.2537.
This article about 29 January EURUSD Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.