Start the week of January 31, 2022 with our Forex forecast focusing on major currency pairs here. ForexTrading
The euro struggled in general during the course of last week, as we have broken down through the 1.12 level. That being said,Any short-term bounce at this point should end up being a nice selling opportunity on signs of exhaustion. Ultimately, I have no interest in trying to get long of this market, at least not until the Federal Reserve changes its attitude. I suspect that given enough time, we are heading towards the 1.10 level underneath.
I think short-term rallies are going to start selling again unless the Federal Reserve changes its tune, something that does not seem very likely at this juncture. The markets have seen a lot of fear, and I think more is coming. The 0.68 level could very well be tested if we continue to see negativity.The British pound has been all over the place this past week, which makes sense as the Japanese yen is a safety currency and, as a result, there will more than likely be noise.The ¥152.50 level underneath should be supportive, and if we break down below there then I think we will go much lower.
At this point, the market is likely to continue seeing downward pressure, and if we can break down below the 75 level, then the market is likely to continue seeing a lot of negative pressure. With the amount of ugliness and fear there is out there, it makes sense that we would see this pair drop towards the safety currency of the Japanese yen.
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