Trading plan on EUR/USD for Jan 21, 2020

Posted On 21 Jan 2020

Euro tested the support at 1.1080, and bounced around quite a bit. Perhaps, this was due to the low volume of trading because of the weekend in the US.

Because of this, the question of breaking the lower border of the euro corridor remains open. If we see a break down to the 1.1070 mark, a strong fall in the euro becomes very likely. If it was a false break down, we will first face a growth and a turn upwards at 1.1135, and then attempt to break up to 1.1175.

EUR/USD:

Sell when the price breaks 1.1075 downwards.

Buy when the price breaks 1.1175 upwards.

In the news: Tesla’s capitalization has surpassed US auto industry giants such as Ford and GM.

Other than that, the market is quiet. It is waiting for the start of a correction in the US market.

Furthermore, the currency market is waiting for the ECB’s monetary policy meeting on Thursday.

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

Source:: Trading plan on EUR/USD for January 21, 2020.

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support