Technical analysis of the EUR/USD for January 21

Euro/dollar attempted to push higher yesterday, slipped above 1.0969 again, but again failed to move convincingly above this zone, then tumbled down and closed at 1.0891. Commercial bias remains neutral in nearest term. Intraday support is seen at 1.0850, whose breach could lead to downward pressure on testing 1.0800. On the upside, the important resistance is 1.0969. A clear break and daily close above that level could trigger further bullish pressure testing 1.1060 and the resistance trend line. The fundamental focus today will be on the ECB press conference. The price is still moving sideways without clear direction from almost 7 weeks. Today and tomorrow there will be news/data with a strong impact, which is expected to be a catalyst for the market and to give a clear direction and better opportunities for trade. Technically, as long as the pair remain below trend line resistance, the bearish scenario should remains strong.