EUR/USD for January 16,2020 – Sell zone on the EUR and overrbought condition, potential for testing 1.1100

EUR has been trading upwards. The price tested and rejected of the level of 1.1167. I see further downside on the EUR and potential re-test of 1.1103 and 1.1072.

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The rejection of the mini Pitchfork median line is the early trigger for the downside. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.

MACD oscillator is showing decrease on the upside momentum, which is sign of the weak buying and potential for downside cycle…

Resistance levels are set at the price of 1.1173 and 1.1180

Support levels and downward targets are set at the price of 1.1103, 1.1087 and 1.1071.

The material has been provided by InstaForex Company – www.instaforex.com