22.01.202016:09 Forex Analysis & Reviews: January 22, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since November 14, the EUR/USD pair has been trapped within a narrow consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.

On December 6, a bullish swing was initiated around 1.1040 allowing another bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

Moreover, On December 20, bearish breakout of the depicted short-term channel was executed.

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

Shortly-after, another bullish pullback 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 rejection. 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.

For the bearish side of the market to dominate, bearish persistence below 1.1110 is needed to enable further bearish decline towards 1.1060 and probably 1.1040.

Trade recommendations :

Yesterday, Intraday traders were advised to consider the recent bullish pullback towards 1.1120 as a valid SELL signal. It's already running in profits.

Bearish projection targets are to be located around 1.1060 and 1.1040.Any bullish breakout above 1.1140 invalidates the mentioned bearish trading scenario.