Main Quotes Calendar Forum
flag

FX.co ★ Trading Signals for EUR/USD on January 24-26, 2024: sell below 1.0881 (21 SMA - 200 EMA)

parent
Forex Analysis:::2024-01-24T04:38:38

Trading Signals for EUR/USD on January 24-26, 2024: sell below 1.0881 (21 SMA - 200 EMA)

Trading Signals for EUR/USD on January 24-26, 2024: sell below 1.0881 (21 SMA - 200 EMA)

Early in the European session, the euro is trading around 1.0859, below the 21, and below the 200 EMA. In the H4 chart, we can see that EUR/USD has been trading within a bearish channel, forming since February 28. The bearish cycle is expected to resume in the coming hours and the Euro could reach the 0/8 Murray located around 1.0742.

The euro has a sequence of strong resistances located at 1.0862, around the 21 SMA at 1.0881, around the 200 EMA, and finally, in the same place with the top of the downtrend channel around 1.0905.

Given that the euro is facing an area of strong resistance, if EUR/USD fails to consolidate above and also if it fails to break the downtrend channel, we could expect it to resume the bearish cycle and reach the bottom of the trend channel around 1.0750.

The market sentiment report is showing 54.2% of traders who are buying the euro. This statistic is increasing compared to last week. If the percentage of traders buying the EUR/USD pair continues to rise, we could expect it to reach 1.0750 in the coming days.

The eagle indicator is giving a negative signal. We can draw a line that represents the strength of the downtrend channel. If the euro trades below 1.0910 in the coming hours, any technical bounce cold be seen as an opportunity to sell.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...