08.01.202019:49 Forex Analysis & Reviews: January 8, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since November 14, the EUR/USD pair has been trapped within a narrow consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 11, another bullish swing was initiated around 1.1040 allowing recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Quick bearish decline was demonstrated towards 1.1115 (Intraday Key-level) which got broken to the downside as well.

On December 20, bearish breakout of the depicted short-term channel was executed.

Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.

The recent bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.

Suggested bearish position is currently running in profits while moving below the depicted key-zone around 1.1175.

Next bearish destination is located around 1.1110 where some bullish rejection may be anticipated. If so, another bullish pullback would be expected towards 1.1175.

On the other hand, bearish closure below 1.1110 enables further bearish decline towards 1.1060 and probably 1.1040.