January 31, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

On December 20, bearish invalidation of the depicted short-term channel was demonstrated.

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

Shortly-after, a quick bullish spike towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.

Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.

However, the Key-Level around 1.1110 has provided some bullish demand. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.

Recently, evident signs of bearish rejection were demonstrated around 1.1175. That’s why, quick bearish decline was executed towards 1.1110.

As expected in a previous article, bearish persistence below 1.1110 enabled further bearish decline towards 1.1060 then 1.1035 which failed to provide any bullish SUPPORT for the EURUSD pair.

Instead, further bearish decline was demonstrated towards 1.1000 where the pair looked quite oversold while approaching the depicted demand level (1.1000).

On the other hand, the EURUSD pair had a recently-established Key Level around 1.1035 which is being breached to the upside failing to provide bearish rejection for the pair.

Short-term technical outlook turns into bullish as long as the EURUSD maintains its movement above 1.1035.

Hence, further bullish advancement would be expected towards 1.1085 where a more consistent supply level (the backside of the depicted trend line) is located.

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

Rate this post
MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

Leave a Reply

Your email address will not be published. Required fields are marked *