23.01.202017:40 Forex Analysis & Reviews: EUR/USD. January 23. The European Central Bank does not plan to cut rates soon

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EUR/USD - 4H

As seen on the 4-hour chart, the EUR/USD pair performed a reversal in favor of the US currency and resumed the process of falling. Thus, the pair's quotes can be said to have performed a consolidation under the peak level - 1.1086. Now the matter remains small - closing under the trend line, which will allow traders to expect a further fall in the direction of the peak levels - 1.1040 and 1.0989. The downward trend corridor continues to display the current mood of traders - "bearish". A few days of "downtime" slightly confused the cards, however, as we can see, the downward mood among traders remains. The pair's rebound from the trend line may again work in favor of the European currency and some growth of the pair in the direction of the upper area of the downward corridor. The information background of today was the summing up of the ECB meeting. It turned out that the key rates, deposit, and credit, remained unchanged and the ECB does not plan to reduce or raise them soon. Asset buyback programs also remain unchanged, and when economic data starts to improve, QE programs will be curtailed first, and only then will there be the talk of raising rates.

EUR/USD - daily

As seen on the 24-hour chart, we still have a trading idea with a drop to the lower border of the downward trend corridor. At the moment, the upward trend line remains in effect, which is the resistance for further falling quotes. Thus, fixing the euro-dollar pair under this line will significantly increase the probability of falling towards the target level of 1.0850.

Forecast for EUR/USD and trading recommendations:

The long-term trading idea remains valid. Traders still have a long-term target for a fall near the level of 1.0850. It is advisable to open new sales for this trading idea after closing under the trend line.

The short-term trading idea is to sell the pair with the goals of 1.1040 and 1.0989 since the trend on the 4-hour chart remains "bearish". The trend line may not send quotes so low, so for both trading ideas, you need to wait for the closing of the euro-dollar pair under this line.

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