The higher-than-expected inflation data for January has reignited concerns about rising prices and its implications for Federal Reserve policy. While investors had anticipated rate cuts in the near term, the hot inflation print may delay such actions. As the Fed navigates the delicate balance between containing inflation and...
Levels to trade EUR/USD
2020-01-22 • Updated
The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance. On the D1, we see formation of lower highs this month. An attempt to get above the 50-day MA (1.1095) on Tuesday has failed. As a result, the pressure on the support at 1.1065 (100-day MA, 2019 support line) will intensify. The meeting of the European Central Bank this week may provide a market moving force.
The decline below 1.1060 will open the way down to 1.1040 and 1.1000. On the other hand, if the trend line support holds, a return above 1.11 may lead to a recovery to 1.1130. There, however, the 2020 resistance line and the 200-day MA should limit further growth.
SELL 1.1060; TP 1.1000; SL 1.1080
BUY 1.1100; TP 1.1130; 1.1090
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