Forex Trading: EURUSD Technical Analysis – January 17, 2020

Eur today fell at a level below 1.1200 against the US dollar. The graph provided represented the EURUSD image with its constant variance in price. It enjoyed its success with a green candle on the graph as a few days ago. And now it’s the second day it constantly takes itself toward the drop. Well, today the price decrease is presumed because of the major economic news. As far as technical bias is considered, then due to the lower high move, in the last downside move, it remains bullish.

EUR/USD: Technical Analysis

At times, the EURUSD is being asked at the price of 1.1133, The following graph shows the level of support after the price that helps the price to take it above that level and also helps it to cross the barriers of the level of resistance. Immediately, it has the support of 1.1099, the support of the Fibonacci level, very soon after it receives the trendline support of 1.1092, and then the major horizontal support stands at 1.1058.

EURUSD

On the upper side, it was found that this market also has the risk of many levels of resistance that could make it difficult for the price to rise above the current level, or it is also the chance that these levels would push the price below that stage. at first, its the trendline resistance of 1.1144,  afterward, there is the Fibonacci level of 1.1152, and then at a very large distance, there is the major horizontal resistance of 1.1238.

EUR Harmonized Index consumer Price

From the fundamental point of view, the consumer price index stood at 1.5 percent, with a 0 percent difference from last month. Consequently, the fall in the Consumer Price Index is considered an important factor that has exerted its effect on the euro currency. As reflected today in the fall in prices.

HICP is a consumer price index, calculated and distributed by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology harmonized across all EU Member States. HICP is a market index used in the quantitative assessment and evaluation of price stability in the euro area as a whole by the EU Governing Council.

Trade Idea

Trading opportunities for both short-term and long-term positions at present levels may not function, although the technical bias is expected to remain bullish, there is still a need for a boost that makes it possible to progress smoothly.

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