Technical analysis of EUR/USD 01/29/2021

The EUR/USD currency pair is in an uptrend on the daily chart. The currency pair found resistance at the level of 1.2345, from where it corrected and is testing the support at 1.2050 (38.2% Fib) for the second time. The next support is at the level of 1.2000 (50% Fib) and the key support is at the level of 1.1900 (61.8% Fib).
If the pair manages to break through and consolidate below the level of 1.1900, it will indicate the breaking of the uptrend line and (MA100), what will be a signal to change the trend on the 1D timeframe and a possible continuation of the pair’s decline up to the level of 1.1600.

EURUSD_STPDailyW

Created by Joshua Hayn

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