Forex Trading: EURUSD Technical Analysis – January 14, 2020
Following the very appalling decline of EUR on January 08, 2020, the Eur continuous strives to regain its lost position and, therefore, with the support of Favorable News, EUR has labeled itself with a green candle on the graph against the USD at a price of more than 1.1000. Whereas, if we’re talking about the technical bias, it’s still bearish because of the higher low movement in the graph during the last upside move.
EUR/USD: Technical Analysis
Currently, EURUSD is being traded at the price of 1.1129, The graph below reflects that the price of EURUSD is loaded with the three resistance levels, which makes it stick around the current level and may not allow it to pass through it. The immediate Fibonacci level resistance stands at1.1139, soon after it, at 1.1152, there is the trendline line resistance. and then the major horizontal resistance stands at 1.1237.
Coming towards the downside, the support levels may provide some assistance to the price and help it to sustain around the said level. The first Fibonacci level support is at 1.1099, afterward, just below the Fibonacci level, the price gets the support of 1.1058, and at 1.1017, it is assisted by the major horizontal support.
EUR Industrial Production
From the fundamental point of view, Industrial Production is increased this month to 1.1 percent, as it jumped from -1 percent of the previous month’s reading and it also crossed the economist expectations of 0.7 percent.
The Industrial Production published by the Deutschland Statistisches Bundesamt calculates the production of the German factories and mines. Changes in industrial production are widely followed in the manufacturing sector as an important strength indicator. A high reading is considered positive (or bullish) for the EUR while a low reading is considered negative (or bearish).
Saw the EURUSD market behavior of the last few days, it comes to know that the price constantly faces fluctuations in its price movement and therefore those who invest it for a short period of time may trade at this stage as they expected to gain profit with price movement.