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20.01.202114:40 Forex Analysis & Reviews: EUR/USD analysis for January 20 2021 - Potential for the another upside movement towards 1..2220

No change to the initial estimates and this reaffirms that core inflation in the euro area keeps at a record low towards the end of 2020.

Further Development

Exchange Rates 20.01.2021 analysis

Analyzing the current trading chart of EUR/USD, I found that EUR tested my yesterday's upside target at 1,2155 but it rejected today.

Stochastic is in overbought zone and we got the fresh bear cross, which is sign that there is potential for downside movement first.

1-Day relative strength performance Finviz

Exchange Rates 20.01.2021 analysis

Based on the graph above I found that on the top of the list we got VIX and Live Cattle today and on the bottom Natural Gas nad Soybean Meal.

Key Levels:

Resistance: 1,2160 and 1,2220

Support level: 1,2055

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

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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