EUR/USD Start Of The Year Outlook

Discussion in 'Trading' started by MrKJoe, Jan 7, 2020.

  1. MrKJoe


    • The pair is scoping for another leg lower after finding resistance near 1.221.
    • 1.1277 area is the next tough hurdle to overcome for the pair.
    EUR/USD Start of the year outlook: Plummets below 1.1200
    A new year has arrived, and so a new cycle has started for the financial markets. Which points to something interesting in terms of price action, despite the thin liquidity conditions on the first trading day of 2020. The common currency, however, is moving lower across the board after having found a strong resistance near 1.1221. Favouring a consolidation below the 1.1200 handle.

    This move may open the doors to further declines targetting the 1.1113 zone where key support lies. Overall, it seems like the current lower leg could be taken as a corrective phase in the middle of a bullish consolidation ongoing above the 200 SMA in the 4H chart.

    Billiondollartrader likes this.