EURUSD Tests Low Level at 1.2166 Following Increase in US Yields

EURUSD Tests Low Level at 1.2166 Following Increase in US Yields

EURUSD Price Analysis – January 11

The US Dollar upside correction is gaining traction with the EURUSD pair testing a low level at 1.2166 reflecting a loss of upside momentum as the market registers the lowest level in two weeks. The EURUSD pair has been plunging alongside with increase in US Yields.

Key Levels
Resistance Levels: 1.2350, 1.2272, 1.2214
Support Levels: 1.2150, 1.2042, 1.2011
EURUSD Long term Trend: Ranging
The EURUSD breaks down beneath the MA 13 at the 1.2225 level confirms a possible bearish decline to the 1.2100 level. However, a bounce from this zone may usher in the retest of the 1.2300 area. A bullish breakout above the resistance at the 1.2214 level could indicate a surprise return of an immediate upside.

In the larger context, an increase from the 1.0635 level is seen as the third phase of the trend from the 1.0339 (low) level. A sustained rally could be seen to cluster resistance at 1.2011 level next. This will remain the favored case as long as the 1.1422 resistance level turned support holds.
EURUSD Short term Trend: Ranging
EURUSD is still in a range beneath the 1.2214 level and intraday sentiment stays within the range of known levels. On the other hand, the breach of the 1.2150 near term support level may confirm the scenario according to which the consolidation from the 1.2011 level ended at the 1.1612 level.

The further advance may be on the way to retest 1.2240 and beyond the 1.2350 high. However, a breakout of the 1.2011 resistance turned support level will reverse the uptrend to continue consolidation with another cycle of decline.

 

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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.