Potential Retest of Resistance

Simple look at the daily chart for EUR/USD heading into the last full week of January 2021.

With high impact news coming mid week we might see some movement to the upside for a retest of resistance.

Area of interest:
- Fridays high shows previous wick rejections in early to mid December
- If we can break this high I believe we might see a good retest of 1.2349.
- If we cant break past the 1.2169 to 1.2189 zone then we may see a potential move to the downside to the 1.2078 to 1.2053 zone.

Nearest Resistance:
- 1.2349

Nearest daily supports:
- 1.2053
- 1.2011

Kommentera:

Good rally this morning from the London market open. We saw some resistance today around the 1.2170 -1.2190 zone peaking out at 1.2175 then almost immediately bouncing back. Price has since recovered from 1.2140 going into the late afternoon and closing near todays highs