EUR/USD: A rise to 1.0740 is expected

On Monday, the euro trading ended slightly down. Despite falling to the level of 1,0620, eurobulls managed to partially restore the daily losses. The single currency fell against the dollar on the statements of the representative of the ECB Ewald Nowotny. He said that Brexit can lead to significant problems, and that the ECB will not discuss QE decrease until the autumn. The price in the American session returned to the level of 1.0709.
The ECB President Mario Draghi will have a speach today and Europe will publish preliminary data on GDP for the fourth quarter. The speaches of Draghi at the press conference after the ECB meeting usually has a strong influence.
On Tuesday it will begin a two-day meeting of the US Federal Reserve Open Market Committee. It is expected that the regulator will keep rates unchanged. The event is important for the markets, but it is unlikely to have a strong impact.
In this regard, the forecast for Tuesday is for decrease to the area of ​​1.0661 and a rise to 1.0740. According to the technical analysis of the intraday outlook: minimum for the day - 1.0662, maximum - 1.0740, closing - 1.0710.

The dollar is losing ground after the speech of Yellen, investors are waiting for the inauguration of Trump

Dollar lost momentum on Friday as the speech of the Fed's Janet Yellen of the gradual rise of interest rates was less harsh than expected. Investors are watching for the upcoming inauguration of Donald Trump on Friday.
The dollar index fell by 0.10 percent by 5.55 GMT to 101.050 points. The US currency has lost about 0.2 percent for the week.
The dollar moved away from the peak after the speech by the US Federal Reserve chairman Janet Yellen, which came in the early trading in Asia.
Yellen said that US regulators should continue to slowly raise rates to preserve the economy from the low inflation and employment, so as not to damage the economic recovery, the Fed is keen to support.
Now investors expect the inaugural speech of Donald Trump, in which they will be looking for indications of upcoming changes.
The dollar fell against the yen by 0.04 percent to 114.81 yen, heading for weekly increase by 0.2 percent.
The euro gained 0.08 percent to $1.0673, securing growth after the European Central Bank statements. For a week the single European currency has strengthened by 0.3 percent.
The ECB said yesterday that they will continue the policy of negative interest rates and buying up assets to stimulate growth.
The euro briefly fell during a press conference of ECB President Mario Draghi, who spoke about the decaying inflation and the need to further esing in Europe.
The euro fell to $1.0589 during Draghi's speech on Thursday, but later recovered after the words of the head regulator about the absence of policy changes.