EURUSD Stays Positive Within the Key Level at 1.1130

EURUSD Stays Positive Within the Key Level at 1.1130

EURUSD Price Analysis – January 13

EURUSD is trending in the usual range past the 1.1100 level, which is against the backdrop of a positive atmosphere around more risky assets at the beginning of the week. Its increase versus the US dollar during the European trading session, which gives hope that the main price could be have been set last week.

Key levels
Resistance Levels: 1.1450, 1.1280, 1.1150
Support Levels: 1.1100, 1.0981, 1.0879

EURUSD Long term Trend: Ranging

In a larger structure, a rebound from the level of 1.0879 is considered as a corrective movement at this point. In case of another increase, containment should be partially restored by the level from 1.1450 to 1.0879 at 1.1412.

And the downtrend from the level of 1.1450 (high) may continue at a later phase. Nevertheless, a steady break of the level at 1.1412 may weaken this bearish look and lead to stronger growth to the recovery of the part in the upper zone.

EURUSD Short term Trend: Ranging

At present, no change in the EURUSD trend, while the daily bias stays neutral from the beginning. While maintaining the support level of 1.1066, further advancement is rather mild in favor. On the other hand, a breakthrough of the level of 1.1250 can continue this rally from the level of 1.0879 and approach the 100% forecast of the level of 1.0879 to 1.1155 from the level of 1.0981 at the level of 1.1280 in the following.

Nevertheless, a solid breakthrough in the level of 1.1066 may prove that the whole increase in the level of 1.0879 is completed. In this scenario, the intraday bias can be reversed down for the support level of 1.0981 to confirm.

Instrument: EURUSD
Order: Buy
Entry price: 1.1130
Stop: 1.1066
Target: 1.1250

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.