EUR/USD Price Analysis for 14 January, 2021

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EUR/USD Price Analysis for 14 January, 2021

EUR/USD Price Analysis for 14 January, 2021

  • EUR/USD comes under extra selling pressure near 1.2100.
  • ECB’s Minutes showed concerns over exchange rate and inflation.

EUR/USD Price Analysis for 14 January, 2021

EUR/USD accelerates losses and drops for the second session in a row on Thursday amidst the increasing risk-off context and despite the imminent announcement of further US fiscal stimulus.The view on the exchange rate has been also highlighted in recent speeches by ECB officials.

The selling pressure around the currency stays well and sound and now forces EUR/USD to recede to the proximity of the key support at 1.21 the figure.

The upside momentum in EUR/USD run out of steam in the 1.2350 area earlier in the month and in spite of the corrective downside.

At the moment, bears are in control and the next cushion is close – the round figure mark 1.21 level provided support in early December then 1.2070 and finally 1.200 round figure mark. On the flip side, a break above 1.222 previous swing high which temporarily capped EUR/USD on Tuesday and followed by 1.2350 , 2021 high .

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

Source : https://www.fx.co/forex_analysis/quickview/202746/