The ECB Monetary Policy Meeting Accounts will be released at 14:30 MT on January 16
Market updates on November 28
Key events ahead:
European Business Confidence – 12:00 MT time (10:00 GMT)
German Yearly Preliminary Inflation Rate – 15:00 MT time (13:00 GMT)
- On the H1 chart of EURUSD, the euro has been in a sideways movement against the US dollar until recently. The RSI and Stochastic Indicators entered the overbought zones when the price reached 1.1014. Once the RSI crosses the 70% upside-down and the Stochastic’s fast line crosses the slow one the same manner, it may be a good moment to open shorts. The supports may be located at 1.1004 and 1.0994 for this scenario. The resistance level may be located at 1.1023.
- On the H1 chart of GBPUSD, the price reached a 1.2947 high, forming the local resistance level last night. Then it bounced down to 1.2922 and is now in a sideways movement. The MACD is indicating that the market is in the overbought state. That means the price is very likely to decline soon. For this scenario, the support levels may be located at 1.2922, 1.2872 and 1.2833. The bulls may have an additional resistance level of 1.2963.
- On the H4 chart of EURGBP, the MACD is indicating the oversold state of the market. At the same time, the Stochastic Indicator’s fast line has already crossed the slow one bottom-up within the oversold zone. Altogether, these are the signs that the price is likely to move upwards soon. In this case, the resistance levels may be located at 0.8572 and 0.8602. The support may be placed at 0.8495.
We expect the US-China phase one trade deal to be signed on Wednesday and multiple important indicators for the USD. Plus, it is the first week of the earnings reports
The British yearly CPI will be released at 11:30 MT on January 15
The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
This week will bring us central bank statements and important economic indicators related to the main currency pairs. Read on to see which ones will be affected.