EUR/USD: An Expected Extension Of The Trend
| Jan 13, 2022 09:26AM ET
Looking at EUR/USD chart, we can see the formation of its support level at 1.128 on Jan. 7 and the surge into 1.136 on Jan. 8, but also the inability to initially consolidate therefore there was the return to the support on Jan. 11.
Nonetheless, during the second attempt at a rally, it managed to steadily climb towards the 1.136 resistance and not only break it but also dwarf any prior price action of the past 7 days.
During yesterday’s session we saw the breakout lead well into the 1.142 price range and earlier today it attempted to consolidate at the same level after reaching as high as 1.146. It is currently found trading at 1.1462
Today we could expect an extension of the trend and move above the current level of 1.1462 as the positive momentum is in play.
If however, it does not manage to consolidate or hold above the 1.146 range then a move towards the temporary support of 1.144 could be expected.
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