Good day forex traders and readers.

Second day of the trading week and I am flat for now. Are you already green in profit? I would love to hear that.

In the previous EUR/USD forecast we noted that the currency pair seemed to be slipping lower on the hourly chart although we need to monitor for more obvious signs. Equities worldwide were mostly red as the recent highs corrected.

Technical Analysis

Looking at the EUR/USD hourly chart above we note that the currency pair did slip slightly lower but is facing a bullish push now.

There is a possibility that the 1.3680 region will remain a cap on further bullish momentum for now. A bearish push downwards is likely to target 1.3520 as mentioned.

Fundamental Analysis

As the FOMC event draws nearer, it is likely that the currency pair will not make a significant push either ways as investors await the latest report and outlook from the US Federal Reserve. There are some speculations regarding the quantitative easing tapering due to the recent disappointment from the US Non-Farm Payroll.

As the recent emerging market turmoil plays out, there are reports that a number of experts believe that the financial contagion will have limited effect on developed markets like the US and Euro Zone.

Trade safely.

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EUR/USD Forecast January 28

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