Technical analysis of EUR/USD 01/20/2021
The EUR/USD currency pair is in an uptrend on the daily timeframe. The pair found resistance at 1.2345 from which it corrected to 1.2050 (38.2% Fib) and is currently trading in the 1.2100 area. The technical picture suggests that the pair will continue to decline as part of the correction to the level of 1.2000 (50% Fib). After that, the pair resumes growth within the uptrend with a key target of 1.2500 (2018 maximum). Cancellation of the option for the development of the pair’s growth after the correction will be a decrease in quotations below 1.1900, which will indicate a break through the uptrend line coinciding with (MA100) and will be a signal for a possible continuation of the decline in quotations to the key support at 1.1600.
Created by Joshua Hayn