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EUR/USD - Daily.
As seen on the 24-hour chart, the EUR/USD pair performed a consolidation under the upward small corridor, which increases the probability of the pair continuing to fall in the direction of the lower border of the downward trend corridor or approximately the level of 1.0851. This goal will be achieved not in one or two days, but the medium term, that is, within one or two weeks. The pair's quotes continue to trade according to the trend of the main corridor, and only a close above it will cancel the current trading idea and all sell signals.
EUR/USD - 4H.
As seen on the 4-hour chart, the EUR/USD pair worked out the goal that I gave in the previous reviews - 1.1125. Also, the pair's quotes closed under the Fibo level of 50.0% (1.1111) and the upward trend corridor. Thus, the probability of a fall in the pair's rate is also increased on the 4-hour chart. On January 9, a bullish divergence is brewing for the CCI indicator, which may allow the pair to perform a reversal in favor of the European currency and start the process of growth towards the levels of 38.2% and 23.6%. However, after the rollback is completed, I expect the fall to resume in the direction of the corrective levels of 76.4% (1.1042) and 100.0% (1.0981).
Forecast and trading recommendations for EUR/USD:
The long-term trading idea remains in force, as the pair's quotes performed a consolidation under the upward small corridor. Traders get a target for a drop of about 250 points - around the level of 1.0850.
On the second trading idea, I expect a fall during the week to the corrective levels of 1.1042 and 1.0981. I also expect a bullish divergence, a pullback of the pair up, after which it will be possible to look for an opportunity to sell with the above-defined goals.
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