Weekly Forex Outlook: January 28- February 1

Let’s take a look at the significant events that will drive markets this week.

On Tuesday, the USD traders will take into consideration the release of CB Consumer Confidence figure. Also on Tuesday, we expect news on the Brexit deal. The House of Commons will vote on alternative Brexit plans.

Wednesday will differ with the big number of important events. Of course, all eyes will be on the Federal Reserve meeting. Comments of the central bank will affect markets a lot. The Fed has already signaled a slowdown in the rate hikes’ pace. If Mr. Powell sounds more dovish than before, the USD will suffer. In the case of the optimistic mood, the USD will get support.

During the Asian session, we anticipate releases of the Australian CPI levels.

Thursday will bring an opportunity to trade the Canadian dollar on the GDP growth data.

And as usual, the first Friday of the month will be highlighted by the Non-Farm Payrolls figures. Don’t forget to check the forecast and compare it to the actual release. A big difference will create high volatility.

What about the technical side?

Key levels for the EUR/USD pair.

Last week the euro confirmed its weakness as the pair tested 1.13 level again. The European currency needs a weak USD to recover. This week will bring crucial events for the USD but won’t promise anything for the euro. As a result, traders should pay high attention to the American releases. The low USD will boost the EUR/USD pair. Key resistances are at 1.14 and 1.1480. If the US dollar is strong, the pair will keep suffering. In the case of the fall below 1.13, we can anticipate a test of levels near 1.1214.

Will the USD/CAD downtrend continue?

Last week was quite neutral for the pair. To strengthen the upward movement, bulls need to push the pair above 1.3362. The next resistance will lie at 1.3415. If bears are able to keep the pair below 1.3322. We can anticipate a further fall towards 1.3230.

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