Forex Trading: EURUSD Technical Analysis – January 30, 2020
On Thursday EUR finally takes the step towards the forward direction against the USD with the green label on the graph, with the price of more than 1.1012 after the continuous loss. If we put the look on the graph below, the EURUSD picture was very bad, as it has fallen like the stone since the middle of this month, But this rise once more illuminates the expectation that it will soon cover up its lost position. Considering the last move of the price, the technical bias seems to remain bearish due to the higher low printed on the graph.
EURUSD: Technical Analysis
The EURUSD, now in the graph is shown at 1.1106, At first, there is the Fibonacci level of 1.1079, ahead of the trendline resistance at 1.1103, and then soon after it, there is the major horizontal resistance of 1.1109. These three resistance and some other resistances may push the price back and put the limit in the forward direction.
On the downside, there is the support of trendline at 1.0997 that is just below the price which may provide the lift-up power to the price and take it toward the forward direction, ahead of this, is the psychological number 1.0900, then the major horizontal support stands at 1.0887.
EUR GfK Consumer Confidence
The GfK Consumer Confidence is a leading index from the fundamental point of view, measuring the degree of consumer confidence in economic activity that increased by 2 percent from the last month, it was 96 percent in the last month. High consumer trust stimulates economic expansion while low-level drives economic downturn.
Therefore, since the technical bias might continue bearish, opening up a short or long position might not succeed at least in the current days.