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

Technical analysis:


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

Trading analysis offered by Complex Trader - a RobotFX partner.