Technical analysis for EUR/USD for January 24, 2019


Technical outlook:

Today we have presented a 4-hour chart view for EUR/USD and highlighted the recent boundary that is being worked upon, to have a short/medium-term outlook for the same. Please note that resistance is seen at 1.1625, followed by 1.1800/20 levels, while support is seen at 1.1270/80 followed by 1.1213 levels respectively. Also note that the immediate support trend line depicted here, still remains intact and prices bounced off right ahead at 1.1307 levels on Tuesday, January 22, 2019. Furthermore, the EUR/USD pair has formed a potential bullish reversal candlestick pattern around fibonacci 0.786 support of the entire rally between 1.1280 and 1.1569 levels respectively. Keeping the above in mind, the bulls might regain control from here and push prices towards 1.1680 and 1.1750 levels at least as depicted here on the chart view. Bottomline is that prices should remain above 1.1213 levels going forward.

Trading plan:

Remain long, stop at 1.1213 target 1.1800

Good luck!

The material has been provided by InstaForex Company -