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The macroeconomic calendar was almost empty yesterday. The only thing that was published was the S&P/CS Composite-20 housing cost index in the US, albeit not having any drastic changes. All traders' attention is focused exclusively on the main event – the results of the FOMC meeting, which will be known tonight.
Analysis of trading charts from January 25:
The EUR/USD pair has reached the first support point of 1.1270 during a gradual downward movement. This step led to a reduction in the volume of short positions and a price pullback.
The scale of the euro's weakening for 8 trading days amounted to more than 200 points, which indicates a change in trading interests relative to the recent corrective move.
The GBP/USD pair slowed down its decline in the area of 1.3440, where at first, there was stagnation, then a pullback. Despite the local price change within 24 hours, the downward interest still prevails on the market. This is confirmed by the recovery of the US dollar relative to the upward cycle of the British pound by more than half.
January 26 economic calendar:
Today, the focus of everyone's attention is on the results of the Fed's first meeting this year, where the interest rate is highly likely to remain at the same level. Therefore, special attention will be paid to the subsequent press conference with Jerome Powell. Speculators will monitor the regulator's rhetoric regarding the first rate hike.
Time targeting
Results of the meeting - 19:00 Universal time
Press conference - 19:30 Universal time
Trading plan for EUR/USD on January 26:
A temporary price fluctuation within the current pullback can be assumed, but speculative hype is possible in the market during the US trading session. In the case of a downward scenario, the second pivot point is set around the 1.1230 mark, which is the lower border of the previously completed flat. The upward scenario considers price fluctuations within 1.1270/1.1370, where the second level is the upper limit of the previously mentioned flat.
Trading plan for GBP/USD on January 26:
In this situation, a technical pullback still takes place and is considered by traders as a local manifestation in the market. A new round of growth in the volume of short positions is expected after the price is kept below the level of 1.3435.
What is reflected in the trading charts?
A candlestick chart view is graphical rectangles of white and black light, with sticks on top and bottom. When analyzing each candle in detail, you will see its characteristics of a relative period: the opening price, closing price, and maximum and minimum prices.
Horizontal levels are price coordinates, relative to which a stop or a price reversal may occur. These levels are called support and resistance in the market.
Circles and rectangles are highlighted examples where the price of the story unfolded. This color selection indicates horizontal lines that may put pressure on the quote in the future.
The up/down arrows are the reference points of the possible price direction in the future.
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