Dear traders, Welcome to a new trading day, wishing all traders and investors in global financial and stock markets to achieve good returns and profits. So we want to address with you today, January 14, 2020, three technical things on the EURUSD pair, which is one of the most traded and popular pair in the Forex market around the world.
First: upside correction is about to end
When we take a look at the chart above, we will found the EURUSD pair was at its highest levels in Dec with the end of the month, where the pair failed to go through the horizontal resistance level at 1.12334. And since the Hammer Candle has formed, the EURUSD pair began to fall with approx 1370 pips. However, once the EURUSD pair tested the horizontal support level, the pair began its current upside correction, and now it is trading nearest 1.11400 level. We expect the end of this upside correction at 1.11596 level, which is a resistance level.
Second: 1.11181 is the current support of the EURUSD pair
As we can see, the beginning of the current EURUSD pair’s upside correction was from the support level at 1.10930. We can see also that the EURUSD pair succeeded in breaks 1.11181 the resistance level, which turned it to a support level.
Third: 1.11596 is the resistance level of the EURUSD pair
It is a very important and valuable thing for the traders during the current week to know that the horizontal resistance of the EURUSD pair is 1.11596 level, and they have to keep watching the price movement of the pair when it touches this level.