FX.co ★ Intraday analysis on EURUSD for January 6, 2022.

EURUSD is trading around 1.1311. As we have mentioned in previous posts, EURUSD is trapped inside a trading range for some time now. Recently price made an attempt to push above 1.14 but got rejected and price turned lower towards 1.1275, only to bounce again towards 1.1310-1.1320.

Green rectangle- support

EURUSD has intraday resistance at 1.1345 where we also find the 61.8% Fibonacci retracement of the decline from 1.1390 to 1.1275. Support is at 1.1275 and breaking below it will be an added sign of weakness that could push price towards 1.1220. Bulls need to reclaim 1.1345 in order to push towards 1.1390. There is no clear trend for the short-term as price is trading sideways, but on an intraday level I see there is more potential to the downside than the upside.