DAILY TECHNICAL ANALYSIS FOR JANUARY 20, 2022petar skakalov
Current level – 1.1352
Following the unsuccessful test of the support level at 1.1320, the currency pair continued to trade in the range of 1.1320 – 1.1360, but in the early hours of today’s trading session, it is headed towards a test of the resistance at 1.1360. If the EUR/USD manages to breach this level, then it would further rise towards the psychological level of 1.1400. In case the resistance at 1.1360 withholds the bullish pressure, then the most likely scenario would be for the pair to continue trading in the range of 1.1320 – 1.1360. Today, increased activity can be expected around the release of the CPI data for the EU (10:00 GMT) and the initial jobless claims data for the U.S. (13:30 GMT).
Current level – 114.29
After the unsuccessful test of the resistance level at 115.00, the dollar depreciated against the yen and, at the time of writing, the currency pair is headed towards a test of the important support at 114.28. A confirmed breach of this level would let the bears attack the main support at 113.75. In case the support at 114.28 resists, then the bears would likely regain their control and test the resistance levels of 115.00 and 115.63.
Current level – 1.3620
The Cable is consolidating in the range between 1.3596 and 1.3654 and the forecast is for another test of the support level at 1.3596. In case the pair breaches this support, then the negative sentiment would grow stronger and the decline would continue towards the next support levels of 1.3555 and 1.3507. In the positive direction, the mentioned level of 1.3654 is the first resistance for the pair.
Gold price breaches the resistance
Gold price ended yesterday above 1825.15 level, to confirm the continuation of the bullish wave on the intraday basis, on its way to visit 1860.00 as a next positive target.
Therefore, we expect to witness more rise in the upcoming sessions supported by moving above the EMA50, noting that breaking 1825.15 will stop the positive scenario and put the price under the negative pressure on the intraday basis.
The expected trading range for today is between 1825.00 support and 1860.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis