FX.co ★ Trading plan for EURUSD for January 07, 2022

Technical outlook:

EURUSD is again drifting a bit sideways after having tested potential support around 1.1270 early this week. The single currency pair is waiting to exit one of the borders of the trading range between 1.1240 and 1.1360 levels respectively. Possibility remains for a drop through 1.1220-30 mark before resuming higher again. Watch out for support coming just ahead of 1.1200 today.

EURUSD would be bearish for the short term if prices break below 1.1186 mark. Immediate price support is at 1.1160 while resistance is seen around 1.1690 levels respectively on the daily chart. Bulls need to push through 1.1350-60 mark to push through 1.1386 and confirm a bullish breakout. Intraday resistance is seen just above 1.1340, while support comes around 1.1230 levels respectively.

EURUSD has carved a recent upswing between 1.1186 and 1.1383 levels early December 2021 and has remained sideways since then. High probability remains for a bullish breakout today if prices hold above 1.1235 interim support.

Trading plan:

Potential rally toward 1.1500 against 1.1150

Good luck!