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Technical outlook:

EURUSD prints yet another low today at 1.1801 before pulling back as it reaches the initial fibonacci extension around 1.1796 levels. High probability remains for a meaningful pullback to resume soon from here and a break above 1.1827 certainly confirms that bulls are back in control. Please kindly note that the overall trend continues to remain bearish but we expect a pullback before bears are back into action.

The single currency is seen to be trading around 1.1815 levels at this point in writing and still remains vulnerable to print another low around 1.1795 levels before resuming higher. Immediate short term price resistance stays around 1.1830, followed by 1.1930/40; while short term intermediate support is seen around 1.1795 levels respectively. A break above 1.1830 encourages further bullish setup.

As discussed earlier, the overall trend might have turned lower since EURUSD hit 1.2350 mark on January 06, 2021. Bears might remain inclined to drag prices lower towards one year trend line support, which is around 1.1550/1.1600 levels respectively. Please note that a break below the trend line would be considered extremely bearish for EURUSD and opens doors towards 1.1200/1.1300 levels going forward.

Trading plan:

Remain short stop @ 1.2350, target @ 1.1600 and lower.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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