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28.01.202208:10 Forex Analysis & Reviews: Trading plan for EURUSD for January 28, 2022

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Technical outlook:

EURUSD dropped through fresh lows around 1.1130 levels on Thursday before finding some support. The single currency pair is trading above 1.1150 mark at the time of writing and might have carved a meaningful bottom. If the above is correct, EURO bulls will be inclined to push prices higher from here in the near term.

EURUSD has reached the past resistance turned support zone around 1.1150 as depicted on te daily chart here. Furthermore, the RSI on daily chart is showing a strong bullish divergence as shown here. High probability remains for prices to turn towards 1.1500 mark in the immediate future.

EURUSD is facing immediate price resistance around 1.1500, while support comes close to 1.0800 level respectively. A break above 1.1500 will confirm that bulls are back in control and are here to stay for long. Watch out for a push above 1.1165 mark for prices to accelerate further.

Trading plan:

Potential rally through 1.1500 against 1.1000

Good luck!

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