24.01.201913:05 Forex Analysis & Reviews: Forecast for EUR / USD pair on January 24, 2019

EUR / USD pair

On Wednesday, the euro rose slightly following the optimism of the British pound, although the consumer confidence index in the euro area declined from -6 to -8 in January. Also, investors are waiting for the meeting of the ECB today.

Yesterday we found no reason for optimism of Mario Draghi but with the release of information regarding the readiness of the British opposition, the Labor Party, to accept the Agreement with the EU in the current version yielded optimism. Another thing is whether the ECB's monetary policy committee will be in time to make this adjustment but it seems the answer is no, since this is only a preliminary intention of the laborer.

Today, good data are expected according to the euro area business activity. January Manufacturing PMI is projected to increase from 51.4 to 51.5 and Services PMI is expected to rise from 51.2 to 51.5. At the same time, the American Manufacturing PMI from Markit is expected to decrease from 53.8 to 53.5 and Services PMI decrease from 54.4 to 54.0. Based on a combination of factors, the euro can grow to the range of 1.1408 / 23, which was determined by the MACD lines on the daily and four-hour charts. In the case of rising prices, the Marlin oscillator signal line on a daily basis can reach the border with a growth zone from which it can turn down, forming a full signal for a decline.