29.01.201908:37 Forex Analysis & Reviews: Forecast for EUR/USD on January 29, 2019

EUR/USD

By this morning, investors came up in an aggressive mood to meet a vote in the British Parliament on amendments to the Brexit bill. Probably, any improvements will be accepted, therefore, the growth of counter dollar currencies, albeit local, is possible. The euro has already comfortably settled over the Krusenstern trend line on the daily chart. Movement to the level of 1.1500 is planned - the high on November 7. The second bearish factor is the expectation of the Federal Reserve decision on monetary policy, which will be tomorrow. Earlier, representatives of the FOMC announced a likely slowdown in the pace of the rate hike, and, perhaps, the uncertainty in the question of the rate of reduction of the balance of the Fed. At the moment it is 4.047 trillion dollars against 4.441 trillion a year ago. The lowest reduction limits (3.5 trillion) is still very far away.

So, there are many important questions. And not necessarily that even a vote in the British parliament (14:00 Moscow time) today will go smoothly. But in any case, it will be possible to talk about a reversal in the euro only after fixing the price below the range of 1.1380/88, which is formed by supporting the Krusenstern line on H4 and the trend line of the daily price channel.