EURUSD Analysis 1/14/2024
EURUSD is on a downtrend on the M timeframe which indicates a lot of bearish momentum. Weekly structure says the same.
Daily TF is currently on an uptrend, hence a countertrend. Since there is still bullish momentum on this pair, I can see it going higher. Dropping down to the H4 timeframe we see an ascending triangle which no clear breakout yet. A break and retest above 1.1 would bring upside movement, and a break and retest below 1.09 would bring a drop. MA is also pointing down, which also indicates more bearish pressure. We will have to wait and see how things play out.
Daily TF is currently on an uptrend, hence a countertrend. Since there is still bullish momentum on this pair, I can see it going higher. Dropping down to the H4 timeframe we see an ascending triangle which no clear breakout yet. A break and retest above 1.1 would bring upside movement, and a break and retest below 1.09 would bring a drop. MA is also pointing down, which also indicates more bearish pressure. We will have to wait and see how things play out.
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