This/Next Week Forecast (January 18 – 22, 2021)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 78.50, which will be followed by reaching resistance level 85.00.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 78.50, which will be followed by moving down to support level 71.00.
Previous week forecast
Fundamental Analysis
Difference between supply and demand showing fair price on the level 66.
Monthly forecast, January 2021
Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 78.50, which will be followed by reaching resistance level 85.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 71.80 , which will be followed by moving down to support level 67.00 and if it keeps on moving down below that level, we may expect the market to reach support level 57.10.
Previous month forecast
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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