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20.01.202117:43 Forex Analysis & Reviews: EURUSD pulls back but respects support

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EURUSD has pulled back towards 1.2075 but so far recent low and short-term support remains intact. Price remains supported and if bulls manage to break above 1.2150 then we should expect a sharp move towards 1.22-1.2220.

Yellow rectangle- resistance

Blue rectangle- target if yellow resistance is broken

The last 4 hour candlestick pattern depicts the support given by bulls. The long lower tail of the candlestick is promising for bulls. However only a break above 1.2150 will increase the chances of more upside to come. Support at recent lows is important. Breaking below 1.2050 will open the way for a move towards 1.20-1.1980.

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