EURUSD Is Limited to the 1.1200 Level in the American Session

EURUSD Price Analysis – January 6

EURUSD continues to rise in both directions because the market is limited to the level of 1.1200. In short, the market is trying to break above its August 2019 highs while above its 5 and 13 daily moving averages.

Key Levels
Resistance Levels: 1.1450, 1.1412, 1.1280
Support Levels: 1.1178, 1.1066, 1.0879

EURUSD Long term Trend: Bullish

In the larger structure, the bounce from 1.0879 level is a corrective move at this point. In the event of additional progress, the upside might be contained by partial correction of the level at 1.1450 to 1.0879 at 1.1412.

Meanwhile, the downtrend from the level at 1.1450 (high) may continue at a later phase. However, a sustained break of 1.1412 level may weaken this bearish view and bring stronger progress in the bounce back in the far upside areas.

EURUSD Short term Trend: Bullish

EURUSD has rebounded strongly today but stays beneath the 1.1250 level, a temporary high while the intraday incline stays neutral. With the support level of 1.1066 remaining intact, the short-term trend stays bullish and favors further upside.

A break beneath the 1.0981 support level might make a bearish move to the level at 1.0940 and 1.0879. The market may assume a clear bullish bias with the daily break above the level at the resistance area of 1.1250 / 1.1280. A further bullish trend likely still towards the1.1412 resistance level.

Instrument: EURUSD
Order: Buy
Entry price: 1.1178
Stop: 1.1066
Target: 1.1280

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