AFTER A SHORT CORRECTION, THE GROWTH OF EURO (EUR) RESUMED

Posted 14 January, 2022

After a short correction, the growth of the euro (EUR) resumed...

 

EUR/USD

 

Now let's look at the indicators:

The currency pair remains well above the moving averages with periods 34, 55, 89, and 144, which are pointing up and indicate continued bullish sentiment (in the medium term), as well as a number of support levels at 1.1376, 1.13495, 1.13395 and 1.1323.

The MACD histogram is still in the positive zone and above its signal line, but it has begun to move almost parallel to the time axis and is not giving clear signals at the moment.

The Stochastic Oscillator is in the overbought area and is giving a buy signal for the euro ( EUR ) as the %K line rises above the %D line.

Despite only one clear signal, we expect that the quotes may continue to rise, and the potential targets of the bulls are located at 1.1529, 1.15525, and 1.15925.

Cancellation of the 'bullish scenario' will occur in case of a breakdown of the mirror level 1.14655, which may open the way to the levels 1.1435, 1.1409, and 1.13725.

We remind Forex traders that today at 16:15 (UTC +3)
ECB President Christine Lagarde will speak at the Conference of the Specialized Bodies for Community and European Affairs (COSAC). Unexpected statements can have a significant impact on the further course of trading.

Resistance levels: 1.1482, 1.1529, 1.15525, 1.15925

Current price: 1.1477

Support levels: 1.14655 , 1.1453, 1.1435, 1.1409

Next forecast

13 January, 2022 08:19

THE EUR/USD CURRENCY PAIR IS CONSOLIDATING AFTER A SURGE OF BULLISH SENTIMENT →

Paying attention to the 4-hour chart, you can see that: on Wednesday, the breakdown of the local max 1.13855 led to a noticeable increase in bullish sentiment, and our first target (1.1442) was reached during the American session. The growth of quotes slowed down only at around 1.1452, after which consolidation began.

THE EUR/USD CURRENCY PAIR IS CONSOLIDATING AFTER A SURGE OF BULLISH SENTIMENT
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