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EURUSD Technical Analysis 10 January, 2021

Euro Rally

• EURUSD reversed from resistance zone
• Likely to fall to support level 1.1230

EURUSD currency pair recently reversed down from the resistance zone set between the vital resistance level 1.1360 (which has been reversing the price from the middle of November) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

Given the strength of the aforementioned resistance zone and the rising bullish USD sentiment as seen across the FX markets today – EURUSD currency pair can be expected to fall further toward the next support level 1.1230 (low of wave (b) from last month).

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