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Although maybe driven by illiquidity at the start of a new year, the surge and the very beginning of 2019 trading above 1.1500 has produced an intermediate-term bullish shift.

Furthermore, and despite the subsequent setback, this positive price action sets risks to the upside for Wednesday.

For Today:

  • We see an upside bias for 1.500/05 and 1.1545/50; break here aims for 1.1580/81.
  • But below 1.1441/36opens risk down to 1.1398, then maybe towards 1.1363.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 1.1119.

  • Lower targets would be 1.1000 and 1.0839
  • What Changes This?1500 shifts the outlook straight to a bull theme.

Resistance and Support:

1.1500/051.1545/50**1.1580/811.1621/25**1.1685
1.15001.1446*1.1398*1.1363*1.1341/35**

4 Hour Chart

 EURUSD Chart 2019-01-02