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09.01.201909:04 Forex Analysis & Reviews: Technical analysis for EUR/USD for January 9, 2019

Long-term review

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EUR/USD continues to trade above 1.14 but also below the major resistance area of 1.1475. Medium-term trend remains neutral as price is still inside the trading range of the last two months. Short-term trend is bullish as long as price holds above 1.14.

Green line - major trend line support

Red dots - maximum strength resistance

Blue dots - medium strength support

Blue lines - upside targets

EUR/USD remains inside the two month trading range and still in a longer-term bearish trend since the 1.2555 top back in February 2018. EUR/USD has major support at 1.13 and if this level is broken we forget the upside targets of 1.17 and higher. A weekly close above 1.1480 would open the way for a move towards 1.17 at least. The bullish divergence signs in the Daily chart of the RSI tell me that there are more chances for a move higher than lower.

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