EURUSD at Risk of Probing Key Daily Low Level at 1.0980, Trading Close to 1.1000 Level

EURUSD at Risk of Probing Key Daily Low Level at 1.0980, Trading Close to 1.1000 Level

EURUSD Price Analysis – January 27

The EURUSD pair broke beneath after several hours of trending in the range while reaching the bottom at 1.1009, the lowest level since December 8. The dollar remains strong despite declining US yields amid risk aversion.

Key Levels
Resistance Levels: 1.1239, 1.1172, 1.1066
Support Levels: 1.0981, 1.0940, 1.0879

EURUSD Long term Trend: Ranging

The FX pair has been plunging for the third day in a row and is about to hit the 1.1000 area. The negative trend remains in place, but the momentum seems to fade. The area around 1.0981 / 1.1000 levels is a key and strong support that can limit the decline. The break beneath can clear the way to larger losses.

On the other hand, the level of 1.1035 / 40 (highest of January 27) is the immediate resistance, followed by a moving average of 5 and 13 at the level of 1.1066.

EURUSD Short term Trend: Bearish

EURUSD decline from the level of 1.1239 and the intraday bias remains on the lower side to test the support level of 1.0981. A break there may confirm the completion of the correctional advance from the level of 1.0879 to 1.1239.

We can then see a further decline to re-test the level at a low of 1.0879. On the other hand, overcoming the level of 1.1066 shortly may change the neutrality of intraday bias in the first place. But the risk may remain at the bottom as long as the resistance level of 1.1172 holds.

Instrument: EURUSD
Order: Sell
Entry price: 1.1040
Stop: 1.1066
Target: 1.0981

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.