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Exchange Rates 23.01.2019 analysis

Since June 2018, the EUR/USD pair has been moving sideways with a slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted Flag Channel (In red).

On November 13, the EUR/USD pair demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term uptrend (In blue) was initiated.

Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market demonstrated significant bearish rejection around 1.1420 a few times.

This renders the recent bullish breakout above 1.1420 and 1.1520 as a false breakout. Hence, any bullish pullback towards 1.1420 can be considered as a valid SELL entry for intraday traders.

The current bearish consolidation below the key level of 1.1400 encourages more bearish decline down to 1.1250 as Initial target provided that the minor uptrend line located around 1.1350 is broken towards the downside.

Trade Recommendations:

Conservative traders can wait for a bearish breakout below 1.1350 (short-term uptrend in BLUE) as a valid SELL entry.

T/P levels should be located around 1.1310, 1.1270, and 1.1225. S/L should be located above 1.1420.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2019
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