FX.co ★ EUR/USD analysis for January 28 2021 - First target reached at the price of 1.0275 but still potetnial for second target at 1.2020

• Prior 90.4; revised to 92.4
• Industrial confidence -5.9 vs -7.0 expected
• Prior -7.2; revised to -6.8
• Services confidence -17.8 vs -18.5 expected
• Prior -17.4; revised to -17.1

Economic confidence beat estimates but eases slightly from the higher revision towards the end of last year. Tighter virus restrictions being prolonged are still tempering with optimism in Q1 in general but the outlook for the rest of the year remains somewhat intact.

Further Development

Analyzing the current trading chart of EUR/USD, I found that Eur reached my first target from yesterday at the price of 1,2075 and that there is still potential for further downside.

Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes with the potential downside target at 1,2020.

Stochastic oscillator got fresh bear cross, which is another indication for further downside.

Key Levels:

Resistance: 1,2170

Support levels: 1,2060 and 1,2020