Technical analysis for EUR/USD for January 23, 2019

EUR/USD reached very close to our 1.1320 target. This target was given once 1.14 failed to hold. Price now seems to be turning upwards. In the weekly chart we see price respecting the weekly trend line support and this is a bullish sign.

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Red rectangle - major resistance

Black line - major support trend line

EUR/USD continues to make higher lows since November. Major resistance is at 1.1470-1.15. A beak above it will open the way for a move towards 1.17 at least. Support is critical at 1.13 and if price breaks below it I expect to eventually see a move towards 1.10-1.11. I continue to favor the bullish scenario as long as we trade above 1.13. Risk reward favors bulls now.

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