FX.co - EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1.0940

29 January 2020 at 2:00PM (UTC+0)

Relevance until31 January 2020 at 2:00PM (UTC+0)

EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1.0940

Technical analysis:

EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1.0940

EUR/USD has been trading downwards with strong momentum. The price tested the level of 1.0993. Due to strong bearish condition and short-term bear trend, my advice is to watch only for selling opportunities on the rallies.

EUR is on the extended run to the downside with many closes below 5SMA on the daily, which is strong confirmation of the downside trend.

MACD is showing increased momentum to the downside, which is good confirmation for the downside.

Resistance levels are seen at the price of 1.1023 and 1.1037.

Support levels and downward targets are set at the price 1.0980 and 1.0940.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #EURUSD

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1.0940

Forex Analysis

EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1.0940