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EUR/USD is moving inside the descending channel. It has taken a breath at the start of the day after falling for four days in a row. It may retrace to the psychological mark of 1.1400, but then the downtrend should continue. The nearest support level is at 1.1350. If it breaks it, the pair may fall to the 1.1300 support – the level unseen since mid-July 2020.
Gold keeps rising. It has approached the 50% Fibonacci level of $1875 which will be hard to cross. The long tails of the last candles signal that the metal is exposed to fall to the $1850 support level. On the flip side, if the uptrend continues and gold surges above the 50% Fibonacci level of $1875, the way to the psychological mark of $1900 will be open.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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