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Technical analysis for EUR/USD for January 4, 2019

EUR/USD remains trapped inside the trading range of 1.1475 and 1.1290. No real progress has been made the last couple of months. I believe there are more chances of an upward break out and a move towards 1.17 at least if not higher.

analytics5c2f0df7efd13.png

Red dots - major strength resistance

Blue dots - medium strength support

EUR/USD has been giving false signals with slight higher highs or lower lows for the last few weeks hitting stops and doing everything it can to throw out most short-term traders. In reality has not moved at all as can be seen in the chart above. A clear break and close above 1.1475 would open the way for 1.17. A clear break down below 1.1290 would open the way for 1.11. The bullish divergence in the RSI in the Daily chart makes me favor the bullish scenario.

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