EURUSD Forex Analysis – Tuesday, January 16, 2024

EURUSD Forex Analysis – Tuesday, January 16, 2024

EURUSD Forex Analysis for Today – Tuesday, January 16, 2024

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Get Ready to SELL EURUSD! Triangle Still Holding

Daily Analysis of EURUSD

The market is awaiting the direction of the Fed as the dollar fluctuates amid renewed expectations of interest rate cuts following the deterioration of PPI data.

Potential Ascending Triangle, Price at Lower Line

EURUSD is still moving in the lower line area, indicating the potential for an ascending triangle pattern on the H4 time frame. Selling opportunities will arise if there is a breakthrough of support.

Conclusion: Weak EURUSD

Resistance Levels

  • R1: 1.10000
  • R2: 1.09200
  • R3: 1.10300
  • R4: 1.10600

Support Levels

  • S1: 1.09200
  • S2: 1.10000
  • S3: 1.08800
  • S4: 1.08700

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