Technical Analysis of EUR/USD for January 29, 2021

Technical Market Outlook:

The EUR/USD pair has bounced from the technical support located at the level of 1.2088, got back into the main channel, but quickly reversed all gains. Currently, the pair is trading close to the technical support again as the bearish pressure intensify. If the level of 1.2088 is clearly violated, then the next target for bears is seen at the level of 1.2060 - 1.2053. This is the key short-term technical support for bulls.

Weekly Pivot Points:

WR3 - 1.2372

WR2 - 1.2272

WR1 - 1.2235

Weekly Pivot - 1.2140

WS1 - 1.2099

WS2 - 1.2009

WS3 - 1.1957

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.

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

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