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07.01.201909:37 Forex Analysis & Reviews: Technical analysis for EUR/USD for January 7, 2019

Long-term review

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EUR/USD is trading again back above 1.14 and this is a good sign for bulls. However price remains trapped inside the 1.1475-1.1270 trading range its been in for the last two months. A break out above or below it will open the way for 1.17 or 1.1050.

Red dots -maximum strength resistance

Blue dots - medium strength support

EUR/USD is in a neutral sideways trend for some time now. Respecting support at 1.13 is good for bulls but the inability to break and remain above 1.1450-75 is also a sign of weakness. There is no clear direction and traders should be very cautious. Any daily close out of the range would be an important sign. The first upside target is at 1.17 while the first downside target is at 1.1050. I believe the bullish scenario has more chances of success.

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