EURUSD Intraday Forecast


A look at the 31 January EURUSD Intraday Forecast shows that Euro is further bullish above the 1.2432 level. What else is revealed in this forecast?

31 January, OctaFX – The euro continues to hold well-above the 1.2400 level against the U.S dollar, as traders keep positioned into the overall long-term uptrend in the pair, with strong bullish momentum well intact above the pivotal 1.2385 level.

The EURUSD is again benefiting from weakness in the greenback on Wednesday, as the U.S dollar lags-behind ahead of the FOMC interest rate decision and policy statement later today. During the upcoming European trading session, we see a slew of high-impacting data, with the release of eurozone and German CPI Inflation and Unemployment figures.

31 January EURUSD Intraday Forecast

  • The EURUSD pair will likely extend upside gains above the 1.2432 level, intraday resistance is currently found at 1.2470 and 1.2538.

  • Should the EURUSD start to falter around the 1.2432 level, we may see another correction towards the 1.2385 and 1.2355 levels.

Disclaimer

This article about  31 January EURUSD Intraday 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.

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