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25.01.202117:45 Forex Analysis & Reviews: EURUSD bulls respect support but under pressure at the start of the week

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EURUSD is falling near 1.21 today. At the start of the week price is under pressure but so far no critical support level was broken in order to justify much more downside. So far price respects short-term support at 1.21.

Red line - support

EURUSD is under pressure today and price is approaching the upward sloping trend line support. Breaking it will be a sign of weakness and will increase chances of a move below 1.2050. Price is now approaching an area where support is important and short-term traders could try a long position with a tight stop at recent lows. A bounce off this area is highly likely and if it comes, it could push price back to 1.2180 and higher. Resistance is key at 1.2180 and breaking above it will open the way for a move towards 1.2230 at least.

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