Sorry to interrupt, but you guys must be masochistic. eurusd is like a beached whale. It is basically flat. I wonder, do you want to make money or solve puzzles ? 😀 If you are into puzzles it is much cheaper to get rubick cube 😉
Wave analysis and forecast for 15.01 – 22.01: The pair is likely to grow.
Estimated pivot point is at the level of 1.0707.
Our opinion: Buy the pair from correction above the level of 1.0707 with the target of 1.1250 – 1.16.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0707 will allow the pair to continue to decline to 1.06 – 1.05.
Analysis: Presumably, the formation of the local correction as the second wave ii of 3 has completed. Locally, it seems that the one-two wave (i) of iii is being formed, as well as the correction to it as the wave (ii) as a irregular. If this assumption is correct, the pair can continue to rise up to 1.1250 – 1.16. Critical level for this scenario is 1.0707.
On Friday session the single currency added value against the dollar, the price remained in wee known ranges. The pair added 54 pips and closed at 1.0917. The price moved above the moving average, while the index of relative strength remained on neutral territory. A break of the first support at 1.0854 will contribute to further decline.
On the last Friday’s session the EURUSD initially rose but found enough selling pressure to give back some of its gains but still closed in the green, in the middle of the daily range, in addition managed to close within the previous day range, suggesting that a consolidation is settling in.
The pair continues to close above the 10 and the 50-day moving average that are acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1047 (resistance), previous swing high at 1.0984 (resistance), 10-day moving average at 1.0894 (support), the 50-day moving average at 1.0830 (support) and the last swing low at 1.0805 (Support).
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