For Traders

Analytical Reviews

Technical analysis

16.01.201813:47 Forex Analysis & Reviews: EUR/USD analysis for January 16, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Recently, the EUR/USD pair has been trading downwards. As I expected, the price tested the level of 1.2201. According to the 30M time – frame, I found a broken 3-day upward channel, which is a sign that buying looks risky and that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator in the background, which is another sign of weakness. I have placed Fibonacci retracement to find potential downward targets. I got FR 38.2% at the price of 1.2158, FR 50% at the price of 1.2115 and FR 61.8% at the price of 1.2075.

Resistance levels:

R1: 1.2310

R2: 1.2359

R3: 1.2420

Support levels:

S1: 1.2203

S2: 1.2140

S3: 1.2095

Trading recommendations for today: watch for potential selling opportunities.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.