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18.01.202118:19 Forex Analysis & Reviews: EURUSD reaches first pull back target

EURUSD has reached our 38% Fibonacci retracement level target. We were bearish some time now after showing the bearish break out of the bullish channel and the bearish RSI divergence.

Exchange Rates 18.01.2021 analysis

Red line - bearish divergence

Green line - support trend line

Black lines -Fibonacci retracement

EURUSD remains in a short-term bearish trend making lower lows and lower highs. The RSI is still not in oversold levels. Price has just reached today the 38% Fibonacci level which was our target. Price is very likely to continue lower this week towards the green upward sloping medium-term trend line. This support is at 1.1975 where we also find the 50% Fibonacci retracement. Bears remain in control of the short-term trend. No sign of reversal or bottom yet.

*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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