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13.01.202212:57 Forex Analysis & Reviews: Trading plan for EURUSD for January 13, 2022

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Technical outlook:

EURUSD has rallied through 1.1477 on Thursday before finding some resistance. The single currency pair might face some profit booking here and drag lower toward 1.1380-90 zone before resuming higher again. Bulls are expected to remain in control until prices stay above 1.1280 mark going forward.

EURUSD is also facing trend line resistance around 1.1460-70 zone, which is dropping through 1.2266 highs as seen on the daily chart here. Bulls will need to break above the resistance line to remain in control and push higher through 1.1690 mark. At the moment, a slight pullback is expected towards 1.1380-90, which is past resistance turned support now.

EURUSD wave structure is constructive for bulls until prices stay broadly above 1.1186 mark. Most traders might be back from 1.1380 level to initiate fresh long positions. Only a break below 1.1280 from here will open the door for further decline through 1.1186 mark. Watch out for a corrective decline and then resumption of rally towards 1.1700.

Trading plan:

Potential profit booking around 1.1460-70. Rally could resume from 1.1380 mark.

Good luck!

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