Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

EUR/USD: An Expected Extension Of The Trend

Published 01/13/2022, 09:26 AM

Looking at EUR/USD chart, we can see the formation of its support level at 1.128 on Jan. 7 and the surge into 1.136 on Jan. 8, but also the inability to initially consolidate therefore there was the return to the support on Jan. 11.

Nonetheless, during the second attempt at a rally, it managed to steadily climb towards the 1.136 resistance and not only break it but also dwarf any prior price action of the past 7 days.

During yesterday’s session we saw the breakout lead well into the 1.142 price range and earlier today it attempted to consolidate at the same level after reaching as high as 1.146. It is currently found trading at 1.1462

Today we could expect an extension of the trend and move above the current level of 1.1462 as the positive momentum is in play.

If however, it does not manage to consolidate or hold above the 1.146 range then a move towards the temporary support of 1.144 could be expected.
EURUSD 13/01/2022

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.