EUR/USD Forex Outlook for Jan 22

A more normalized day on Thursday with the EUR/USD stabilizing.  It moved lower in the early session but did recover to only finish down slightly.  The correction mentioned yesterday did occur; a new low was made first and then the EUR moved higher to test resistance which developed at 1.4140.  Now that the correction has taken place, albeit minor, overall the technical outlook for the EUR is weak going into Friday and next week.

A move above 1.4150 would provide evidence that the EUR/USD is not due to go lower quite yet.   The push through 1.4150 is likely to target the resistance of 1.4160-1.4180.  Beyond that there is further resistance at 1.4200-.4220.

On the downside, a move below 1.4050 is likely to test recent lows near 1.4030.  Beyond this support is likely to develop between 1.4015-1.3985, at 1.3960 and 1.3920.

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