EURUSD Sustains Bearish Bias, Trends Low Near the Level at 1.1070

EURUSD Sustains Bearish Bias, Trends Low Near the Level at 1.1070

EURUSD Price Analysis – January 20

EURUSD continued to fall during the American session and bottomed on the level at 1.1075, the lowest intraday level since December 24. At the time of composing, it is trading between the 1.1080 / 85 level, less than ten points beneath the exit on Friday.

Key levels
Resistance Levels: 1.1450, 1.1280, 1.1172
Support Levels: 1.1066, 1.0981, 1.0879

EURUSD Long term Trend: Ranging

The euro is moving towards a third consecutive loss and the lowest daily exit within a month as it consolidates beneath the moving averages of 5 and 13 while maintaining a steady negative bias.

In the long run, a rebound from the level of 1.0879 is seen as a corrective movement at this point and, possibly, a further increase, possibly restrained by a partial recovery from 1.1412 to 1.0879 at 1.1450 level. Although the downtrend from 1.1450 (high) level may continue at a later stage.

EURUSD Short term Trend: Bearish

The attention stays at the support level of 1.1085 in the EURUSD pair. A steady break can complete the upper and lower cycle. It may also claim that the entire corrective advance from the 1.0879 level is over.

In this case, the intraday bias can be altered for the downside in support of the level of 1.0981 to confirm and on the upward, after the level of 1.1172 it may instead move upward for the level at 1.1250.

Instrument: EURUSD
Order: Sell
Entry price: 1.1085
Stop: 1.1130
Target: 1.1040

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.