NEWS
New Mexico news dropped the oil price today.
The oil price quickly moved down after the release of the news that New Mexico broke oil production records.
During the current European session the trend of EURUSD will change. The current downward trend started last Friday and is about to end today. The Dollar gained about 130-140 pips in this period of 4 days.
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Today at 14:00 Eastern Time will be published the decision of the US Federal Reserve on interest rates in the country. The expectations for today's meeting are that the interest rates will not be changed and will remain at the level of 0.25%.
EURUSD Trading Signal
EURUSD - Trading signal by World-Signals.com is to open long positions. We expect to see EURUSD at levels close to 1.2200 in a couple of hours or latest tomorrow.
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EURUSD currently hit the highest level of 1.2266. This is the record high level for the last 5-months. The highest trading level of EURUSD in 2021 is 1.2349. The big questions is the potential of Euro to hit 1.2349 and the levels above this key resistance.
Since the beginning of April 2021 EURUSD is in upward trend.
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EUR/USD new target is at 1.2225. The target is valid for the next 48-hours. The current trading is at 1.2185 as the level is recommended for long positions with target at 1.2225.
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The EURUSD trading found a good support line at 1.2055. Although EURUSD trading is possible down correction to 1.2038 where is the next support level the trend into upward direction starts again.
The most important coming events that will take effect over the trading crosses are Fed Interest Rate Decision, Fed's Monetary Policy Statement and FOMC Press Conference. The policy trading probably will remain unchanged with focus over the stimulus of the economy.
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The Dollar is on the way to make temporary recovery against the Euro in the next couple of hours. The recovery is based on technical correction. EURUSD trend in the mid-term period remains upward.
There are some key fundamental events that can move the market.
The strong data for U.S. ISM Services today for March of 63.7 very higher than the key border of 50.00 do not help the Dollar. ISM Services consensus expectation was 58.5 also higher than one month earlier of 55.3. The potential of the Dollar ends at levels below 1.17 and many investors open long positions with expectations to hold EURUSD long above 1.20.
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The positive news from Alaska for Oil (Alaska’s North Slope holds heavy oil of billions barrels shows 4-years study) is a very important news for oil industries in the long-term period.
At the same time the locomotive of the world economy - Asia started to weaken as the Chinese buyers orders went to lower levels.
At the same time we can see technical corrections of Oil prices based on a couple of indicators.
Each American citizen is on the way to receive $1200. How will they spend the money?
The question of how it is planned to order the use of the money from the helicopter, 37% of the surveyed applications, is sought in order to collect shares on the stock market.
The Gold spot new target is $1748.00. The target is valid for the next week. Gold spot current price is $1708.00. The recommended SL level is $25.
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The Dollar already generated the news about the new stimulus for the U.S. Economy. The effect of the $1.9 trillions plan supports the Dollar wins and gains of about 330-380 pips against the Euro in the last 10-days.
EURUSD reached the lowest level of 1.1835 today that is the lowest level since November 23rd 2020. In the last couple of days the fundamental data did not take a mind in the trading so after the strong stimulus the investors may go back to the fundamentals.
EURUSD to test the record levels since the beginning of January 2021 at 1.2349. The test of the highest level this year and at all since April 2018 is on the way to happen next week.
Few hours earlier we saw very good economic news for the United States but nevertheless these news did not support the Dollar. The positive report for Durable Goods orders from 1.2% to 3.4% was not accepted by the investors and even the good decline of Initial Jobless Claims to 730K from 841K.
EURUSD hit the top of 1.2169 as this level was a signal for the selling process. The Dollar recovered from the high of 1.2169 a level reached on January 26th 2021. The recovery is already generated of 70 pips. The tendency for continued recovery remains for the next couple of hours.
The fundamental focus comes for tomorrow the key data for the U.S. Retail Sales and FOMC Minutes. The investors predict a positive Retail Sales report that is already generated by the market.
There remains little more than 24-hours to complete this week's trading. EURUSD in this second week of February is currently trading at about +90 pips from the start of the week. The lossing process of the Dollar continues.
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The new business week started sluggish in the first part of Monday. There is not a clear direction and as overall the trading EURUSD is into neutral direction. The trading level (EURUSD) below 1.20 is a very good entry for many investors to buy Euros.
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The Dollar has no power and potential to recover after the losses against the Euro in the last few months. EURUSD was trading in the range of 1.17-1.18 in September-October 2020.
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The Swiss Franc remains one of the most strong currencies. The Franc is currently trading at USDCHF 0.8878. To get the best trading performance, open a short position and expect your profit till the end of the week. The expected trading level by World-Signals.com for profit is at the range of 0.8780 - 0.8805.
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This flat market today Monday January 18th (U.S. Holiday - Martin Luther King Jr. Day) will not be the same on January 20th when is Inauguration Day in Washington. What will follow on this day we can see but the markets may boom in very unexpected events.
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FS Team (Forex-Strategy Team) new web design is ready. Enjoy the new web site and our great services.
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The higher U.S. consumer price may support the dollar in a short term period.
Inflation climbs for third straight month: U.S. consumer prices rose 5.4% in June from a year ago, again higher than expected.
The dollar became stronger after today's key report for U.S. inflation. The Dollar gained about 55 pips after the release of the news.
This year World-Signals.com expects to see the highest inflation in the last decade
