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EUR/USD Could Come Under Pressure

By InstaForex GroupForexJan 21, 2022 05:47AM ET
www.investing.com/analysis/eurusd-could-come-under-pressure-200615480
EUR/USD Could Come Under Pressure
By InstaForex Group   |  Jan 21, 2022 05:47AM ET
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During a brief retracement from 1.1315, EUR/USD climbed to the upper border of the trading range between 1.1230 and 1.1370. As a result, traders cut on long positions that pushed the price down.

Currently, EUR/USD is going through a bearish cycle. It signals that the upward cycle launched in December 2021 is coming to an end.

The RSI technical instrument moves in the lower area of 30/50 on the 4-hour and daily charts. It proves that traders are poised to open short positions.

The Alligator indicator is also generating a sell signal because moving averages are not interlaced for the time being.

On the daily chart, EUR/USD is moving downwards following the upward correction as the US dollar regained more than half of its losses.

Outlook and trading tips

EUR/USD is still trading under selling pressure. To intensify the selling interest, EUR/USD has to settle below 1.1295.

This move will cause the euro to weaken again towards 1.1230, the lower border of the trading range. The price might pause near 1.1270.

Complex indicator analysis suggests selling intraday and amid a smooth downward move in the short term.

Technical indicators also signal the bearish trend, thus prompting traders to enter the market with short positions.

EUR/USD 4-hour chart.
EUR/USD 4-hour chart.

InstaForex Group

EUR/USD Could Come Under Pressure
 

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EUR/USD Could Come Under Pressure

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