EURUSD Retreats for Further Gains on a Breach of 1.2200 Amid Downbeat German IFO Data
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EURUSD Retreats for Further Gains on a Breach of 1.2200 Amid Downbeat German IFO Data

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Azeez Mustapha

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EURUSD Price Analysis – January 25

Earlier on Monday fresh optimism propelled the EURUSD to the 1.2183 level with some retreats to the 1.2140 mark for further positive traction as the pair acts to preserve its intraday gains. The pair met fresh supply on downbeat German IFO data, heading past the prior day’s low at 1.2151.

Key Levels
Resistance Levels: 1.2300, 1.2272, 1.2214
Support Levels: 1.2150, 1.2050, 1.1900
EURUSD Long term Trend: Ranging
After its recent surge to the 1.2183 level, a subsequent retreat is likely to find some support near prior weeks low, currently around the 1.2050 regions. A convincing break below might prompt some technical selling and accelerate the slide towards the 1.2011 congestion zone amid downbeat data.

In the long term, the increase from 1.0635 is seen as the third phase of the trend from 1.0339 (low). Further rally could be seen to cluster resistance at 1.2554 level next. This may stay as the preferred scenario as long as the 1.1602 support level holds intact. It will meet expectations to see a topping sign around 1.2516/54 level. But sustained breach there may usher in long term bullish implications.
EURUSD Short term Trend: Ranging
On the 4-hour time frame, the intraday bias in EURUSD stays neutral for some range trading beneath the 1.2200 marks, and above market may turn bullish. Meanwhile, the downside of the recent retreat should be contained by the 1.2050 support level to bring another increase.

On the upside, breach of 1.2214 level may aim for 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at 1.2240 level next. The pair is currently signaling a short-term downside correction towards 1.2050 levels. Any more losses could lead the pair towards the 1.2011 support zone.

Note: Learn2.Trade 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 result

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