(DAILY NOTION) EUR/USD Soared as Change Tune on U.S. Dollar, Next Mover: U.S. President-elect Joe Biden's inauguration

Illustration photo of EUR/USD daily chart from Tradingview

EUR/USD is currently trading around 1.2180, attempt to testing above the resistance level at 1.2220. Investors were expecting the bearish trend to continue, especially if Democrats won back the Senate. This week, some analyst was expecting a Democrat swipe will lead to more stimulus. Thus, this will lead to a faster recovery and push the Fed to hike interest rates sooner. 

It is possible to gain additional downward momentum in the short-term in case the right catalysts emerge as the RSI indicator currently at the moderate territory. As reported by Vladimir Zernov, He pointed out that EUR/USD will move towards the next support level at 1.2175 if manage to test and declines below the support level at 1.2215. A successful test at the level of 1.2215 will move GBP/USD to the next resistance level at 1.2155. The pair will continue to head towards the 1.3665 level if manages settles above the 1.3625 level.

Besides that, on the upside, he pointed out that the next resistance level for EUR/USD will be located at 1.2250 if successfully test the resistance level at 1.2180. EUR/USD will move towards the resistance level at 1.2280 if manage to above the resistance level at 1.2180.

FOLLOWME EUR/USD Overall Sentiment (As of 05:20 p.m., Jan 13, 2021),

Short - 48.48%

Long - 51.54%

For information please refer to Vladimir Zernov.