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Trading plan for EURUSD for January 06, 2022

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Technical outlook:

EURUSD is still finding hard to break out of 1.1386 interim resistance. It remains possible for the currency pair to drop through 1.1200-20 zone, before resuming its rally. Only a consistent break above 1.1350 mark from here will confirm that EURO bulls are back in control and that a higher low is in place around 1.1235 mark.

EURUSD is seen to be trading around 1.1305 levels at this point in writing and is expected to push through 1.1500 and 1.1700 levels in the next few trading sessions. Bottom line for the above bulis scenario to hold is that prices should stay above 1.1186 interim support. Also note that the next major resistance on daily chart is around 1.1700 levels.

A break above 1.1700 would confirm further upside as prices would be out in the buy zone of the dropping line of resistance. The structure remains constructive for bulls as potential remains for a push through 1.2350 and higher going further. In the near term, bulls need to break above 1.1386 levels to accelerate further.

Trading plan:

Potential rally through 1.1700 against 1.1186 levels.

Good luck!

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

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