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18.01.201909:15 Forex Analysis & Reviews: Technical analysis for EUR/USD for January 18, 2019

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EUR/USD remains in a short-term bearish trend inside a downward sloping channel. Price has stopped its decline around the 61.8% Fibonacci retracement level of the last leg upwards from 1.13 to 1.1570.

Green line - major trend line support

Purple lines - bearish channel

EUR/USD is struggling to hold around 1.14. Short-term trend remains bearish after topping at 1.1570 and the failed breakout was followed by lower lows and lower highs. Support is found at 1.1370 and next at 1.1320. Resistance is found at 1.1410 and next at 1.1445. Bulls want to see a higher low being formed at current levels and an upward reversal. In order for them to take back control of the trend and hope for a move above 1.16 we should see a break of the 1.1527 resistance. After the short-term resistance of 1.1445 we find resistance at 1.1495 where the 61.8% Fibonacci retracement of this leg down is found. Bulls have lots of work to do and bears also. Bears need to see price break below the green trend line support in order to hope for a move towards 1.10.

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