empty
 
 
25.01.2023 10:11 AM
Technical Analysis of EUR/USD for January 25, 2023

Technical Market Outlook:

The EUR/USD pair has made a new local high at the level of 1.0927 and is only 18 pips away from the 50% Fibonacci retracement level of the big wave down. The bulls are still trying to move higher, however, there is a clear Bearish Divergence on the H4 time frame chart between the price and the momentum oscilator, so the short them outlook is slightly bearish. The German Ifo Business Climate Index data release might trigger the deeper pull-back towards the key short-term technical support seen at 1.0780.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.10734

WR2 - 1.09818

WR1 - 1.09456

Weekly Pivot - 1.08902

WS1 - 1.08540

WS2 - 1.07986

WS3 - 1.0707

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. The EUR had made a new multi-decade low at the level of 0.9538, so as long as the USD is being bought all across the board, the down trend will continue towards the new lows. In the mid-term, the key Fibonacci retracement level is located at 1.0945 (50% Fibonacci retracement) and only if this level is clearly violated, the down trend might be considered terminated.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback