Euro Rally

EURUSD Technical Analysis Report 11 January, 2021

• EURUSD under bearish pressure
• Likely to fall to support level 1.2125

EURUSD currency pair under the bearish pressure today following the earlier downward reversal with the daily Bearish Engulfing candlesticks pattern from the resistance area located between the key resistance level 1.2300 (previous monthly high from December) and the upper daily Bollinger Band. The downward reversal from the resistance area started the active short-term correction (ii) – which broke the support trendline of the daily up channel from November.

Given rising USD sentiment seen across the currency markets today and the bullish RSI divergence – EURUSD currency pair is expected to continue to fall toward the next support level 1.2125 (low of the daily Hammer from last month and the target price for the completion of the active short-term correction (ii)).

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