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04.01.2021 12:19 PM
Technical analysis for EUR/USD pair for January 2021

Trend analysis

In January, the continuation of the upward movement is possible to the first target, namely the upper fractal of 1.2553 (blue dotted line) – monthly candlestick from 01/02/2018. If this level is broken upwards, the next upper target will be 1.2803 – the historical resistance level (blue dotted line).

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Figure 1 (monthly chart)

  • Indicator analysis:
  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up;
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up

A possible upward movement can be concluded based on complex analysis.

The overall result of the candlestick calculation based on the monthly chart: the price will most likely have an upward trend, with the first lower shadow (first week of the month – bottom) in the monthly white candlestick and without the second upper shadow (last week – white).

General scenario: the price from the level of 1.2216 (closing of the December monthly candlestick) can continue to rise to the first target of 1.2554 (blue dotted line) – upper fractal (monthly candle from 01/02/2018). In case that this level is broken upwards, the next upper target will be 1.2803 – the historical resistance level (blue dotted line).

An unlikely scenario: a downward movement from the level of 1.2281 (closing of the December monthly candlestick) to the target of 1.2067 – a pullback level of 14.6% (red dotted line) is unlikely.

Stefan Doll,
Analytical expert of InstaForex
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