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24.01.202012:14 Forex Analysis & Reviews: Technical analysis of EUR/USD for January 24, 2020

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Overview:

The EUR/USD pair continues to move downwards from the level of 1.1088, which represents the double top in the H1 chart.

The pair dropped from the level of 1.1088 to the bottom around 1.3036.

Today, the first resistance level is seen at 1.1082 followed by 1.1121, while daily support is seen at the levels of 1.0998 and 1.0963.

The first resistance stands at 1.1088, for that if the EUR/USD pair fails to break through the resistance level of 1.1088, the market will decline further to 1.0998.

The pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend.

This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.0998 in order to test the second support (1.0963). In case of a successful breakout, the next target will be at the level of 1.0903.

Even though, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.1173.

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