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EUR/USD Technical Analysis & Daily Chart

Published on: 24/01/2017

General Analysis
On the background of the general weakness of the US dollar, the EUR/USD currency pair continues to rise and now has reached the level of 1.0780. The growth started from the very first days of January and continues until today.

On Monday, January 23 the price approached the level of resistance at 1.0800. The last time the price was near this mark was in the middle of December 2016; that time the price had been bounced off of the resistance 1.0800 which marked the beginning of a serious decline. 
Given the general downtrend for the EUR/USD we can expect a repetition of such a scenario and a second rebound is quite likely to happen.

It would be most desirable to close any long positions previously opened at the market price today.      

The Stochastic indicator shows an upward movement and the signal line is located in the overbought zone. As a confirmation of this scenario there will be a signal of the intersection of the signal lines and an exit of the overbought zone from the top down.

The Next Few Days

We recommend opening the deal to sell with a given currency pair while receiving confirmation of the rebound from the level 1.0800. As a confirmation, there will be a few daily candles closed below this level. Targets for the price decrease will be 1.0650 and 1.0600.

Note: This article is provided as a recommendation for trading and SuperForex is not responsible for the result of transactions based on this analysis.
Please be aware that CFD and FX trading on a margin carry high levels of risk. Traders should ensure they understand the risks associated with leveraged CFD and FX trading before deciding to trade.

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