Intraday technical levels and trading recommendations for EUR/USD for January 24, 2019

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Since June 2018, the EUR/USD pair has been moving sideways with slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted Flag Channel (In red).

On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term uptrend (In blue) was initiated.

Bullish fixation above 1.1420 was needed to enhance a further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.

This renders the recent bullish breakout above 1.1420 and 1.1520 as a false breakout. Hence, any bullish pullback towards 1.1420 can be considered as a valid SELL entry for intraday traders.

The current bearish consolidations below the key-level of 1.1400 encourages a deeper decline down to 1.1250 as the initial target provided that the minor uptrend line located around 1.1350 gets broken to the downside early.

Trade Recommendations:

Conservative traders can wait for H4 bearish breakdown below 1.1350 (short-term uptrend in BLUE) as a valid SELL entry.

T/P levels to be located around 1.1310, 1.1270 and 1.1225. S/L to be located above 1.1420.

The material has been provided by InstaForex Company - www.instaforex.com