EURUSD: Weekly Forecast 16th January 2022
EURUSD has broken above a 7-month falling trendline, opening the door for more buyers.
However, the bigger picture shows a clear downtrend and the recent increase in the price could be just another major pullback.
Resistance was also seen at the supply level of 1.1450, causing EURUSD to give up over 70 pips before the week ends.
Nevertheless, a direction needs to be picked and we will follow the recent bullish trend and look for buying opportunities as the price pulls back a little more or finds support at the demand level 1.1370.
However, the bigger picture shows a clear downtrend and the recent increase in the price could be just another major pullback.
Resistance was also seen at the supply level of 1.1450, causing EURUSD to give up over 70 pips before the week ends.
Nevertheless, a direction needs to be picked and we will follow the recent bullish trend and look for buying opportunities as the price pulls back a little more or finds support at the demand level 1.1370.
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