Technical Analysis
14.01.2021, 04:58

EUR/USD is trading near a 5-week low

Yesterday the EUR/USD was trading lower and closed the day in the red around the $1.2150. Today it was trading in a narrow range of $1.2135-70, remaining close to a 5-week low. On the hourly chart, EUR/USD is still trading below the MA line (200) H1 ($1.2235). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the EUR/USD remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.

  • Resistances levels are at: $1.2220, $1.2280, $1.2345-50

  • Support levels are at: $1.2130, $1.2105, $1.2060

Probably, the main scenario - is the continuation of the decline to $1.2130 (Jan 11 low). An alternative scenario - may be consolidation above MA 200 H1, followed by a rise to $1.2340 (Jan 6 high).

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