EUR/USD could trade downwards - Technical Analysis - Dukascopy Bank

Tue, 12 Jan 2021 09:42:11 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs42%38%8.7%
Shorts58%62%-6.2%
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)BuySellBuy
Aggregate

Since Monday afternoon, the EUR/USD currency pair has been trading sideways around the weekly S1 at 1.2161.

It is likely that the exchange rate could be pushed down by the 55-hour moving average near 1.2190. Note that the rate could gain support from the weekly S2 at 1.2099. If the given support level holds, a reversal north could follow.

In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the 1.2240/1.2260 area due to the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP.


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