Instaforex Analysis

[InstaForex Gertrude]

Forex Analysis & Reviews: Forecast for EUR/USD on January 15, 2021

EUR/USD
On Thursday, the euro traded in the consolidation range of 1.2132/77 with a short exit from it to the downside, with an attempt to pull down the price below the balance line on a daily timescale. If the price settled below this line, it would mean a shift in market sentiment towards short positions in the medium term.

The Marlin Oscillator has been in a downward trend zone for a week now, a sign that the euro will strengthen its attempts to break down the remaining rising technical signs. The price continues to develop above the MACD indicator line on the daily chart. Getting the pair to settle below it, under 1.2050, will strengthen the market's downward sentiment and send the price towards the 1.1920 target (November 9 high).

The price is consolidating in the 1.2132/77 range on the four-hour chart, but a more pronounced consolidation is observed on the Marlin oscillator. The main direction of the oscillator signal line's exit from the range is to the downside, but taking into account that it could form on the border of the positive area following the previous growth (technical figure "flag"), there is still a possibility that the price could rise to the MACD line (1.2220) or even to the target level of 1.2273 - the high on December 17. In order to confirm the price's intention to fall, the price would have to settle below the lower border of the 1.2132 range.

Analysis are provided by InstaForex

[IFX Yvonne]

USDCAD is facing bearish pressure, potential for further downside!



Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a drop below this to our first support target.


Trading Recommendation Entry:

1.2790

Reason for Entry:

horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.2745

23.6% fibonacci retracement

Stop Loss: 1.2832

Reason for Stop Loss:

horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.