empty
 
 
26.01.2022 12:36 PM
Trading plan for EUR/USD on January 26, 2022

This image is no longer relevant

Technical outlook:

EUR/USD might have carved a meaningful bottom around 1.1260 on Tuesday and now it looks ready to resume its rally. It is also possible that the pair prints one more low around 1.1250 before finding support. The single currency pair was trading close to the 1.1285 level at the time of writing and is expected to resume its rally soon.

Earlier, EUR/USD ralied between 1.1186 and 1.148, carving an upswing. Prices retraced to the Fibonacci 0.618 retracement level of the upper boundary as seen on the chart here. Ideally, a bullish reversal should be seen from around the current price. In this case, the price may go through the 1.1700 mark in the next few trading sessions.

The pair's larger wave structure is also bullish since prices bounced from just below the Fibonacci 0.618 retracement of the previous rally between 1.0636 and 1.2350. Bulls might be targeting 1.1700, which is the next in-line resistance as depicted on the daily chart. Watch out for bulls to be back in control soon.

Trading plan:

Potential rally through 1.1700 against 1.1150

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
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