EURUSD Weekly Analysis 10 January 2021: Corrective Pullback?
In my opinion the EUR / USD pair is in a corrective decline which may continue in the nearest future.
A steeper decline is possible if EUR / USD breaks below 1.2129, the lowest from Dec 21 20.
To the downside, 1.20 levels below should be significant support, continuing to fall to 1.19 levels. But I think the pair needs enough catalyst to break below the 1.2 level.
To be honest, if we pull back into that area I think there will be a lot of buyers and that kind of pullback might make a lot of sense and could be good for the market.
Besides, we are getting a little overextended so if there is a possibility of a market break below the 1.2 level, only to find more buyers.
Just wanting to raise a red flag, if the 1.19 level is broken below it will be a very negative turn of events,
but another scenario is, the EUR / USD pair will rocket towards the 1.23 level to test it, or even break it.
Always use stop loss to protect your equity and trade at your own risk.
Good luck!
A steeper decline is possible if EUR / USD breaks below 1.2129, the lowest from Dec 21 20.
To the downside, 1.20 levels below should be significant support, continuing to fall to 1.19 levels. But I think the pair needs enough catalyst to break below the 1.2 level.
To be honest, if we pull back into that area I think there will be a lot of buyers and that kind of pullback might make a lot of sense and could be good for the market.
Besides, we are getting a little overextended so if there is a possibility of a market break below the 1.2 level, only to find more buyers.
Just wanting to raise a red flag, if the 1.19 level is broken below it will be a very negative turn of events,
but another scenario is, the EUR / USD pair will rocket towards the 1.23 level to test it, or even break it.
Always use stop loss to protect your equity and trade at your own risk.
Good luck!