Technical analysis of EUR/USD for 23/01/2019

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Technical market overview:

The EUR/USD market has hit the technical support at the level of 1.1336 and bounced nicely towards the technical resistance at the level of 1.1371. Moreover, the price has broken through the orange trend line as well, which might indicate the bulls are treating this bounce seriously and might even start to rally once the resistance zone between the levels of 1.1371 – 1.1318 is clearly violated.

The market conditions are extremely oversold and the momentum is negative, which supports the short-term bullish outlook. The larger time frame trend is still bearish, so the ease of movement is to the downside.

Recommendations:

The bulls are trying to take over the market control, so once the technical resistance zone between the levels of 1.1371 – 1.1380 is clearly violated, there might be another move up towards the level of 1.1414.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of EUR/USD for 23/01/2019

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