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January 17, 2021 : EUR/USD daily technical review and trading opportunities.

During the past few weeks, the EURUSD pair has been trapped within a consolidation range between the price levels of 1.1700 and 1.1900.

In late September, Re-closure below the price level of 1.1700 has initiated another downside movement towards 1.1540.

Price levels around 1.1700 managed to hold prices for a short period of time before another price decline towards 1.1200.

Since then, the EURUSD has been moving-up within the depicted movement channel.

Currently, the price zone of 1.1480-1.1500 stands as an intraday Resistance zone to be watched for short-term SELL trades.

On the other hand, the price zone around 1.1500 stands as a prominent supply-zone to be watched for SELLING pressure and a possible SELL Entry upon the next ascending movement.

The material has been provided by InstaForex Company – www.instaforex.com

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