Technical Talk:EURUSD 01-16-2020

EURUSD Outlook: bulls eye 1.12 zone after break of key barriers
Our preference: long positions above 1.1148 with targets at 1.1171 & 1.1200 in extension.Alternative scenario: below 1.1148 look for further Downside with 1.1100 & 1.1065as targets.


The Euro maintains firm tone on Thursday and keeps focus at the upside after
strong bullish signal was generated on Wednesday’s surge and close above key 1.1140 resistance zone.
Rising bullish momentum on daily chart and MA’s in bullish setup support the advance,with long-tailed bullish candle of last Friday also underpinning the action. Fresh bulls retest cracked barrier at 1.1162 (50% of 1.1239/1.1084) and
eye 1.1180/1.1200 (Fibo 61.8% / 6 Jan high/Fibo 76.4%). Broken 1.1140 pivot now offers strong support which is expected to hold and keep bulls in play

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