EUR/USD analysis for January 10, 2018

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Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.2016. According to the daily time – frame, I found a successful rejection from the support (a swing high became resistance), which is a sign that selling looks risky. I also found a bulish engulfing candle pattern, which is another sign of strength. The upward target is set at the price of 1.2080.

Resistance levels:

R1: 1.1970

R2: 1.2002

R3: 1.2030

Support levels:

S1: 1.1910

S2: 1.1880

S3: 1.1850

Trading recommendations for today: watch for potential buying opportunities.

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