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EUR/USD pair.
Resistance and support of the EUR/USD pair are set at 1.1214 and 1.1087, respectively. As known, Fibonacci retracement is used to determine accurate psychological levels of support and resistance but it should be noted that the period of time should be taken into account, therefore in the daily chart the price has still been trapping above 23.6% Fibonacci retracement levels and the last bearish wave. Thence, forecast for January 27, 2022 will be in the following form:
Below 1.1130, look for further downside move with targets at the levels of 1.1087 and 1.1036.
Stop loss should be placed above the level of 1.1265.
In particular, it should noted that at the level of 1.1036 which represents the support, we can expect explosive breakout and it is likely that the market is going to start showing the signs of bullish market.
In other words, it will be a good sign to buy above double bottom at the level of 1.1036 with a first target at 1.1214 in order to test the weekly pivot point and it will climb towards 1.1265.
However, if the the price of the EUR/USD pair breaks 1.1131 and closes below it, the market will indicate a bearish opportunity below 1.1131 then the best location to set stop loss should be at the 1.1265 price.
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