Video Analysis – EUR/USD January 28, 2015

Looking at the Wednesday session, you can see that the EUR/USD pair has risen during Tuesday trading. This of course was exacerbated by the Core Durable Goods Orders number coming out lighter than anticipated in the United States. We had a positive session during the day, but really nothing is change. When you look at the lower time frames a lot of traders will get stuck thinking that the Euro is changing its trend. However, when you look at the daily chart, it isn’t until we get above the 1.20 level that I become impressed at all. I think that there is simply far too much resistance above.

In fact, I believe that the 1.15 level is massive resistance, and the 1.18 level is the beginning of 200 pips of resistance. I would love to see some type of resistant candle between here and there and with the FOMC announcements coming today, we may very well get that opportunity. This pair is going to take some patience, but it is most certainly still in a downtrend and I will look to short-term charts if necessary in order to start selling as well. Again, nothing has changed in this pair even though Tuesday was rather impressive.