EURUSD closed lower -16-01-2024

EURUSD ended trading yesterday below 1.0960, reactivating the negative scenario, which depends on the formation of the head and shoulders pattern that appears in the picture. Therefore, we are waiting for the realization of the negative target starting at 1.0860 and extending to after a break above the previous level 1.0765.

EMA50 forms negative pressure, supporting the expected continuation of the bearish trend. Unless it breaks through 1.0960, then breaks through the 1.0995 mark, and holds above it, the bearish trend will continue to be effective.

Today's trading range is expected to be between the 1.0830 support level and the 1.0980 resistance level.

Expected trend today: Bearish