EURUSD FALLS from RESISTANCE zone

25 Jan 2021

The price continues to move in the ascending channel, which was formed at the end of 2019 - beginning of 2020. After the price bounced off the 1.161 support line in November, most of the price movement occurs near the upper border of the channel - the resistance line.

It is important that in the middle of the channel, as often happens, another resistance line has formed, within which the price is now located - at position 1.218. Since the beginning of December, after the price has broken this line in the 1.202 zone, a resistance zone has formed within this line.

This zone was formed due to corrections and pullbacks that the price made in relation to the resistance line. And now the price is exactly in this zone and I expect a fall. The main reason is the strong resistance line that has existed since 2019. I expect the price to reverse from the resistance zone and fall towards the 1.192 support line.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻