25.01.201906:46 Forex Analysis & Reviews: Technical analysis for EUR/USD for January 25, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Outlook:

We have presented a 4-hour chart view for the EUR/USD pair since November 13, 2018 to have a bigger picture. Please note that the support trend line connecting lows of November 13, 2018 and January 03, 2019 has been tested, while the prices have broken through the 1.1290 levels. Also note that prices have bounced off the fibonacci 0.786 support level, the entire rally between the levels of 1.1300 and 1.1569, respectively. Furthermore, the wave structure could be depicted as the entire rally which was retraced lower in a complex correction towards the 1.1290 level yesterday. Immediate support is seen at 1.1270, followed by the 1.1217 level, while resistance is seen at the level of 1.1391, respectively. With the above evidence, we can conclude now that bulls will stay with the game till the prices are mainly above the 1.1217 levels.

Trading plan:

Remain long with the stop at 1.1213 and the target at the 1.1800/20 levels.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.