(DAILY NOTION) EUR/USD Possible Drop Below the Level of 1.2100, Next Mover: Biden's Stimulus Package

Illustration photo of EUR/USD daily chart from Tradingview

EUR/USD is currently trading around 1.2145, attempt to settle below the next support level at 1.2130.

The EUR/USD pair is falling as traders wait for a speech by Powell, the Fed chair. In it, they will like to know more about his views about the economy and what the bank intends to do this year. Yesterday the data from the U.S. showed that consumer prices rose by 1.4%, meaning that they are approaching the 2% target. The EUR/USD will also react to a speech by Joe Biden, who will talk about his stimulus plan.

It is possible to gain additional 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 1.2130 if manage to test and declines below the support level at 1.2155. A successful test at the level of 1.2130 will move EUR/USD to the next resistance level at 1.2115.

Besides that, on the upside, EUR/USD possible to gain upward momentum in the near term. He pointed out that the next resistance level for EUR/USD will be located at 1.2155. If successfully test the resistance level at 1.2155, EUR/USD will move towards the resistance level at 1.2175.

FOLLOWME EUR/USD Overall Sentiment (As of 05:30 p.m., Jan 14, 2021),

Short - 56.17%

Long - 43.83%

For information please refer to Vladimir Zernov.