FX.co - EUR/USD analysis for January 20, 2022 - Breakout of the bear flag pattern

2022-01-20T15:26:22

Relevance until2022-01-21

Technical analysis:

EUR/USD analysis for January 20, 2022 - Breakout of the bear flag pattern

EUR/USD has been trading downside today and I see potential for further downside continuation.

Trading recommendation:

Due to the breakout of the bearish flag in the background, I see potential for further drop on the EUR.

My advice is to watch for selling opportunities with the downside objectives at the price of 1,1300 (FE 61.8%) and 1,1255 (FE 100%)

Stochastic is showing fresh bear cross, which is sign that there is potential for the new downside wave.

Key resistance is set at the price of 1,1370

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

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for January 20, 2022 - Breakout of the bear flag pattern