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26.01.202116:34 Examiner les analyses forex: EURUSD respects support

In our previous EURUSD analysis we noted that price was approaching a key short-term support level and that it would be a great opportunity for short-term traders to open long positions. Price has tested successfully the support trend line and is now bouncing off of it.

Exchange Rates 26.01.2021 analysis

Red line - Support

EURUSD made a low at 1.2107 and is now trading near 1.2160. Respecting the red trend line support would be the first step for continuing the upward trend. As long as price holds above 1.21 we expect price to continue higher towards the next resistance at 1.2235. Breaking below the red trend line would be a bearish sign.

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

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
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