FX.co ★ Daily trading plan for EUR/USD 19/01/2021

The first pattern that needs to be considered today is the continuation of the downward momentum after testing the WCZ 1/4 1.2098-1.2094. If the zone test leads to a continuation of the fall, then the probability of updating the weekly minimum will remain equal to 75%. This model will be a continuation of the weekly pattern absorption formed in the first half of January.

Going in the downward direction has a higher probability of working out since the continuation of the trend always occurs more often than its reversal.

An alternative model for today will be developed if the closing of European trading occurs above the level of 1.2098. This will open the way for corrective growth to the WCZ 1/2 1.2142-1.2134. The WCZ 1/2 test will allow you to get the most favorable prices for the sale of the instrument.