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21.01.202216:08 Forex Analysis & Reviews: EURUSD bounces off short-term support.

EURUSD is trading close to 1.1350. Price made a low at 1.1302 earlier today challenging the key short-term support trend line. Price remains inside the medium-term bearish channel but bouncing off the short-term support trend line gives hopes to bulls for another channel break out.

Exchange Rates 21.01.2022 analysis

Black lines- bearish channel

Green line - support trend line

EURUSD continues to respect the green support trend line and this is a good sign for bulls. Bulls do not want to see price break below 1.13. This would be an added bearish signal and would increase chances of a decline towards 1.10. Bulls need to break out of the bearish channel and recapture 1.14-1.1450. Until then trend will remain unclear.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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