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The US Dollar suffered shortly due to a lack of agreement in the US Congress regarding the extension of budget financing, which stopped the work of public administration. Similarly, EUR does not feel the reaction of the SPD delegates to the coalition with the CDU. After the broad market, there is no increase in risk aversion, as stock exchanges are growing.
On Monday, 22nd of January, the event calendar is very light with important economic releases. The only data worth attention is the Wholesale Sales report from Canada and Bundesbank Monthly Report from Germany.
EUR/USD analysis for 22/01/2018:
The weekend session in the US Senate ended without a vote on the extension of funding for government institutions. As a result, the government shutdown continues. The deadline expired on Friday at midnight. Nevertheless, USD makes up for the initial losses, because the market believes that the government shutdown will not last long and will have marginal consequences for the economy.
Let's now take a look at the EUR/USD technical picture on the H4 time frame. EUR/USD opened with a gap up at 1.2266, but in the following hours it returned to levels from Friday's close at 1.2220. Currently, the market is still consolidating the recent gains and the consolidation zone is located between the levels of 1.2155 - 1.2321. Any breakout above the golden channel line will be the first clue of a possible rally towards the swing high. The overall bias remains bullish and new highs should be seen soon.
Market Snapshot: SPY makes a new marginal higher high
The price of SPY (SP500 EFT) has made a new marginal higher high at the level of 280.35 in overbought market conditions. The golden trend line is still holding the price nicely, but the momentum indicator shows a growing divergence between the price and momentum. It might be a first clue that the correction is coming soon.
Market Snapshot: DAX is closer to the recent highs
The German DAX Index is getting closer to the recent swing high at the level of 13,515. Nevertheless, the momentum is still weak on the move up, so there is a possibility of a Double Top pattern or other technical pattern that might be a trend reversal worth to keep an eye on.
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