fbEURUSD Forecast | EURUSD forecast bearish despite better than expected industrial production in euro-zone | IFCM Hong Kong

Technical Analysis EURUSD : 2021-01-13

Recommendation for EUR/USD:

Strong SellSellNeutralBuyStrong Buy

Below 1.2177

Sell Stop

Above 1.2222

Stop Loss

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Senior Analytical Expert
Articles 1725
RSI Neutral
Donchian Channel Neutral
MA(200) Sell
Fractals Buy
Parabolic SAR Sell

Chart Analysis

IFC Markets Tech Analysis

The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is falling below the 200-period moving average MA(200) which is falling itself. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2177. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2222. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Industrial production in euro-zone rose more than expected in November. Will the EURUSD retreat reverse?

Industrial production in euro-zone rose more than expected in November: the Eurostat reported industrial output rose 2.5% over month after 2.3% growth in October when an 0.2% increase was forecast. This is bullish for EURUSD. However the current forecast is bearish for EURUSD.

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