Technical analysis of EUR/USD for January 09, 2019

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Overview:

The EUR/USD pair continues to move upwards from the level of 1.1342.

Today, the first support level is currently seen at 1.1342, and the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.1342, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the uptrend.

According to the previous events, we expect the EUR/USD pair to trade between 1.1342 and 1.1550. So, the support stands at 1.1342, while daily resistance is found at 1.1550.

Therefore, the market is likely to show signs of a bullish trend around the spot of 1.1342. In other words, buy orders are recommended to be placed above the spot of 1.1342 with the first target at the level of 1.1550; and then towards 1.1603.

However, if the EUR/USD pair fails to break through the resistance level of 1.1550 today, the market will decline further to 1.1257.

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