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17.01.201908:48 Forex Analysis & Reviews: Technical analysis for EUR/USD for January 17, 2019

Long-term review

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The EUR/USD pair remains below 1.14, but still holds around the 61.8% Fibonacci retracement level of the rise from 1.13 to 1.1570. There are some indications that we may at least see a bounce from the current levels if not a new move higher above 1.1570.

Green line - major trend line support

Light blue dots - medium strength support

Dark blue dots - maximum strength support

EUR/USD broke above 1.15, but failed to hold it. The price pulled back below 1.14 towards the level of the medium strength support. I expect a bounce from the current levels if not a new move higher that will eventually bring the price towards at least 1.17. Breaking below the green trend line will diminish the chances of my bullish scenario, while a daily close below the dark blue dots will open the way towards 1.10.

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