EUR/USD: Pair Looks To Test Resistance
| Jan 24, 2022 07:32AM ET
Looking at the EUR/USD chart, we can see after reaching the 1.144 level, it went all downhill from thereon.
It systematically struggled to form support multiple times, at 1.142 level, at 1.134 level, and more recently at the 1.13, which now acts as support temporarily.
However, the downward pressure seems to smooth out as the retractions appear to be diminishing in effect.
It is currently trading at 1.1325, with the closest overhead resistance at 1.1365 level and the closest support at 1.13.
Today we could expect a move towards the 1.136 range close to the resistance of 1.1365.
If, however, it does not manage to consolidate or hold above the 1.133 range, then a move towards and below the temporary support of 1.13 could be expected.
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