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Exchange Rates 28.01.2020 analysis

In December, the depicted bullish channel was initiated around 1.1000 allowing another bullish breakout above 1.1110 to pursue towards 1.1175.

Initial Intraday bearish rejection was expected around the price levels of (1.1175).

On December 20, bearish invalidation of the depicted short-term channel was demonstrated.

Thus, further bearish decline was expressed towards 1.1065 where significant bullish recovery has originated.

Shortly-after, a quick bullish spike towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.

Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.

However, the Key-Level around 1.1110 has provided some bullish demand. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.

Recently, evident signs of bearish rejection were demonstrated around 1.1175. That's why, quick bearish decline was executed towards 1.1110.

As expected in a previous article, bearish persistence below 1.1110 enabled further bearish decline towards 1.1060 then 1.1035 which failed to provide any bullish SUPPORT for the EURUSD pair.

Instead, further bearish decline is currently being demonstrated towards 1.1000 where the pair looks quite Oversold.

On the other hand, the EURUSD pair has a recently-established Key Level around 1.1035 to be watched for price action if any bullish pullback is expressed.

Short-term technical outlook remains bearish as long as the EURUSD maintains its movement below 1.1035.

Otherwise, bullish breakout above 1.1035 is needed to bring further bullish advancement towards 1.1085 where a more consistent supply level is located.

*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 © 2007-2020
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