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EUR/USD Hammered at Resistance & Faces Key Support Price-Euro vs USD Forecast

EUR/USD Hammered at Resistance & Faces Key Support Price-Euro vs USD Forecast

2020-01-08 10:35:00
Mahmoud Alkudsi, Analyst
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EUR/USD Technical Outlook

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EUR/USD – Buyers Pullback

Last week, EUR/USD rallied to 1.1239- its highest level in nearly five months. The price declined later as buyers took profit, then settled below 1.1200 handle. On Friday, the pair closed the weekly candlestick in the red with a 0.1% loss.

Alongside this, the Relative Strength Index (RSI) dropped from 67. However, the ocsillator remained above 50 indicating that uptrend momentum was still intact.

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EUR/USD Daily PRice CHART (July 15, 2018 – Jan 8, 2020) Zoomed Out

EURUSD price daily chart 08-01-20 zoomed out

EUR/USD Daily Price CHART (May 25 – Jan 8, 2020) Zoomed in

EURUSD price daily chart 08-01-20 zoomed in

Looking at the daily chart, we notice on Monday EUR/USD rebounded nearby 1.1204 then retraced as some buyers exited the market. Yesterday, buyers resumed taking profit operations and this led the price to tumble to a lower trading zone 1.1118 – 1.1175 eyeing a test of the low end of it.

A close below 1.1108 may encourage sellers to take charge and lead EUR/USD towards 1.1059. Further close below this level could persuade more sellers to join the market and press towards 1.0951. In that scenario, the weekly support levels underlined on the chart should be watched closely as some market participants may decide to take profit at these points.

That said, any failure in closing below the low end of the zone could embolden buyers to push again towards the high end of the zone. A successful close above the high end could send the price to retest the weekly high at 1.1204.

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EUR/USD four Hour Price CHART (SEp 24 – Jan 8, 2020)

EURUSD price four hour chart 08-01-20

From the four-hour chart, we notice yesterday EUR/USD rallied to 1.1168. However, the price slipped and closed with a bearish Doji pattern. This led the pair today to fall further and test the Jan 3 low at 1.1125.

Thus, a break below 1.1098 could lead EURUSD to test more lows. The first one is the Dec 12 low at 1.1069. Although, the weekly support level underlined on the chart should be kept in focus. On the other hand, a break above 1.1179 could cause a rally towards 1.1198. Yet, the daily resistance level underscored on the chart would be worth monitoring.

See the chart to know more about key levels the price would encounter in a further bullish/ bearish move.

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Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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