Technical analysis of EUR/USD for January 28, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair remained subdued at the levels of 1.0800/1.0900 for several trading sessions now. It is trading around 1.0883/85 looking to retrace lower towards 1.0850 levels, before resuming rally. It is hence recommended to remain flat for now and look to initiate long positions around 1.0840 levels. Please note that the back side of the resistance trend line is also passing through the same levels which would act as support now, Immediate price support is seen at 1.0820, while resistance is seen at 1.0980 respectively. Bulls will remain in control until prices stay broadly above 1.0700.

Trading recommendations:

Buy around 1.0850, stop is at 1.0750, a target is open.

Good luck!

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