EURUSD Daily Analysis – January 23, 2019

EURUSD remains in the downtrend from 1.1570, the bounce from 1.1336 is likely consolidation for the downtrend. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.1300 area. On the upside, a breakout of the trend line resistance could bring the price back to test the key resistance level at 1.1425, above this level could trigger another upside movement towards 1.1600.

EURUSD 4-hour chart