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28.01.202111:13 Forex Analysis & Reviews: Technical analysis of EUR/USD for January 28, 2021

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Overview :

EUR/USD pair :

The current price is seen at 1.2075 which represents a key level today. Strong RSI conditions and successful trading beyond 100-day EMA, currently around 1.2075, favors the EUR/USD buyers to challenge around the key level of 1.2075.

The EUR/USD pair is consolidating the upside above the area of 1.2075 -1.2100 following the FOMC decision-led decline to near the 1.2075 region.

The EUR/USD pair has faced strong support at the level of 1.2075 because resistance became support.

So, the strong support has been already faced at the level of 1.2075 and the pair is likely to try to approach it in order to test it again.

The level of 1.2075 represents a weekly pivot point for that it is acting as minor support this week.

Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.2075. Currently, the price is in a bullish channel.

According to the previous events, we expect the EUR/USD pair to move between 1.2075 and 1.2229. Also, it should be noticed that the double top is set at 1.2350. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100).

This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.

Buy-deals are recommended above 1.2075 with the first target seen at 1.2229. The movement is likely to resume to the point 1.2303 and further to the point 1.2350.

However, the decending movement is likely to begin from the level 1.2010 with 1.1930 and 1.1800 seen as targets.

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