Technical analysis for EUR/USD for January 24, 2019

EUR/USD has bounced off 1.1330 towards 1.14 but remains below it. This is not something bulls want to see. Bulls want to see price recapturing key resistance levels like 1.14. On the other hand the bearish short-term trend remains intact. Bears remain in control.


Red dots - maximum strength 1 hour resistance

Blue dots - medium strength 1 hour support

EUR/USD has stopped making lower lows and lower highs and since it made a low at 1.1336 it shows signs of a reversal. No reversal confirmation yet in the 1-hour chart but a break above 1.14 would be something bulls want to see. Support is found at 1.1360 and a break below it will open the way for a move towards the lows or even provide new lows. Key resistance for the longer-term trend remains at 1.1480. A daily close above this level will increase the chances of breaking above the January high. Until then bears consider any bounce as a selling opportunity.

The material has been provided by InstaForex Company -