FX.co ★ EUR/USD analysis for January 25 2021 - Potential for the downside cycle and completion fo the ABC upside correction. Downside target set at 1.2100

From Sky News' correspondent, Adam Parsons:

European Union members states will hold a virtual meeting with AstraZeneca at 1230 Brussels time (1130 UK) to express their anger over delays. EU is clear that it provided money so production capacity could have been ramped up before now

This comes after AstraZeneca had said on Friday that its initial supplies of the vaccine to Europe will be lower than expected due to "reduced yields at a manufacturing site within our European supply chain".

The firm did say that it will ramp up production in February and March but this adds to some pessimism about the vaccine timeline, following Pfizer's announcement that they will delay vaccine shipments in the next few weeks due to works at its Belgium plant.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted today and the downside movement is on the way.

There is the completion of the ABC upside correction and potential for the downside continuation towards the level of 1,2100.

Watch for selling opportunities on the rallies using the intraday charts.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Lumber today and on the bottom Oats and Cocoa.

Key Levels:

Resistance: 1,2180

Support levels: 1,2100