EURUSD, GBPUSD, USDJPY
Weekly Forex Analysis
(January 25 - January 29, 2021)
Hey! This is Philip with our new weekly outlook of the Forex market.
EURUSD Technical Analysis:
EURUSD closed the past week in the green, but the bullish candle stayed below the 1.22 level. Slightly higher, the 1.2250 level looks like the line in the sand between bullish and corrective (bearish) sentiment on the pair.
The whole area between 1.2200 and 1.2250 will likely act as a resistance zone. A close above it will signal that EURUSD may be ready to make an attack on new cycle highs. On the other hand, as long as the price stays below this 1.2200-1.2250 zone, EURUSD stays in corrective “mode.” That means another
bearish leg with a lower low is a real possibility.
On the chart below, we have shown a potential scenario of how that could look like. Note the major 1.20 support area is highlighted in blue.
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Any opinions, news, research, predictions, analyses, prices or other information contained in this newsletter is provided as general market commentary and does not constitute investment advice. FX Trading Revolution will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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