Technical analysis

EURUSD Wave Analysis 28 January, 2021

EURUSD Wave Analysis 28 January, 2021

• EURUSD reversed from support level 1.2060

• Likely to test resistance level 1.2180

EURUSD recently reversed up sharply exactly from the key support level 1.2060 (which has been reversing the price from the start of December).

The support level 1.2060 is further strengthened by the intersecting 38.2% Fibonacci correction level of the previous sharp upward impulse from November and by the nearby lower daily Bollinger Band.

EURUSD is expected to rise further toward the next resistance level 1.2180 (top of the previous medium-term ABC correction (2)).

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