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23.01.201908:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for 23/01/2019

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.

Technical market overview:

The EUR/USD market has hit the technical support at the level of 1.1336 and bounced nicely towards the technical resistance at the level of 1.1371. Moreover, the price has broken through the orange trend line as well, which might indicate the bulls are treating this bounce seriously and might even start to rally once the resistance zone between the levels of 1.1371 - 1.1318 is clearly violated.

The market conditions are extremely oversold and the momentum is negative, which supports the short-term bullish outlook. The larger time frame trend is still bearish, so the ease of movement is to the downside.

Recommendations:

The bulls are trying to take over the market control, so once the technical resistance zone between the levels of 1.1371 - 1.1380 is clearly violated, there might be another move up towards the level of 1.1414.

Exchange Rates 23.01.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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