EUR/USD for January 29,2020 – Strong selling pressure and potential for bigger drop, main downward target set at 1.0940

By | January 29, 2020
InstaForex
EUR/USD for January 29,2020 - Strong selling pressure and potential for bigger drop, main downward target set at 1

Relevance up to 06:00 2020-01-31 UTC–8

Technical analysis:

analytics5e318fad58c0e.jpg

EUR/USD has been trading downwards with strong momentum. The price tested the level of 1.0993. Due to strong bearish condition and short-term bear trend, my advice is to watch only for selling opportunities on the rallies.

EUR is on the extended run to the downside with many closes below 5SMA on the daily, which is strong confirmation of the downside trend.

MACD is showing increased momentum to the downside, which is good confirmation for the downside.

Resistance levels are seen at the price of 1.1023 and 1.1037.

Support levels and downward targets are set at the price 1.0980 and 1.0940.

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

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.