empty
 
 
26.01.2022 09:55 AM
Technical Analysis of EUR/USD for January 26, 2022

Technical Market Outlook

The EUR/USD pair has fell out of the channel around the level of 1.1314 and made a new local low at the level of 1.1263 ahead of the FOMC interest rate decision and press conference tonight. Any violation of this level will open the road towards the technical support seen at 1.1260. The key technical support is seen at the level of 1.1234 - 1.1222 (demand zone). The momentum is weak and negative, but the market conditions on the H4 time frame chart are bouncing from the extremely oversold conditions, so the test of the nearest technical resistance located at 1.3572 is possible, however the upside is limited. On the larger time frame charts, like daily and weekly, the down trend is still being continued.

Weekly Pivot Points:

WR3 - 1.1542

WR2 - 1.1486

WR1 - 1.1409

Weekly Pivot - 1.1352

WS1 - 1.1274

WS2 - 1.1218

WS3 - 1.1141

Trading Outlook:

The market is in control by bears that pushed the price way below the level of 1.1501, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.1167. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1501 and 1.1599,m otherwise the bears will push the price lower towards the next long-term target at the level of 1.1166.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback