FX.co ★ EUR/USD for January 24,2020 - First downwad target at the prrice of 1.1040 reached, second downwarrd target on the way at 1.1000

EUR has been trading downwards. As I expected, after the ECB Press Conference yesterday, the price tested our first downward target from yesterday at the level of 1.1040. I see further downside on the EUR and potential test of our second target at 1.1000.

The rejection of Head and Shoulders pattern in the background was key factor for the downside. My advice is still to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.

MACD oscillator is showing new momentum down and the slow line is turned to the downside.

Resistance levels are set at the price 1.1040 and 1.1060

Support level and our second target is set at the price of 1.1000.