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17.01.202212:05 Forex Analysis & Reviews: Trading plan for EURUSD for January 17, 2022

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Technical outlook:

EURUSD raised through 1.1480 levels on Friday before hitting resistance. The currency pair has also tested resistance trend line and is pulling back towards 1.1350 level going forward. Intraday support is seen around 1.1380-85 mark, which was past resistance. Ideally, the zone should act as support after prices broke higher over the last week.

EURUSD bulls might be looking poised to come back in control around 1.1380 mark and resume higher again. The next potential upside target is seen toward 1.1690, which is also next in-line resistance on the daily chart. A drop below 1.1380, will open the door to rest 1.1350 mark, which is fibonacci 0.618 retracement of the rally between 1.1270 and 1.1480 level respectively (not shown here).

EURUSD structure continues to remain bullish until 1.1270 support is intact. Ideally, only a break below 1.1186 will drag further toward 1.1160 support. Watch out for strong support coming through 1.1380 mark in the near term.

Trading plan:

Potential rally from 1.1380 towards 1.1690. Risk is around 1.1185

Good luck!

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