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30.01.2023 09:16 PM
Technical analysis of EUR/USD for January 30, 2023

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Overview :

The EUR/USD pair is at highest against the dollar around the spot of 1.0800 - 1.0846 for four weeks. The EUR/USD pair is inside in upward channel. This week, the EUR/USD pair decreased within an up channel, for that Euro its new highest 1.0929. But the trend rebounded from the resistance 1.0929 to close at 1.0846 on the hourly chart.

Closing above the daily pivot point (1.0830) could assure that the EUR/USD pair will move higher towards cooling new highs.

The bulls must break through 1.0850 in order to resume the uptrend. Consequently, the first support is set at the level of 1.0800. Hence, the market is likely to show signs of a bullish trend around the area of 1.0800 and 1.0846.

The EUR/USD pair reverses from 1.0929 and drops to multi-day lows near 1.0846 - this price formed a bottom this morning in the hourly chart. Right now, the EUR/USD pair dropped further and bottomed at 1.0800. It then trimmed losses, rising to from 1.0830.

The move lower took place amid a stronger US dollar across the board. Probably, the main scenario is continued decline towards 1.0200 (sentiment level).

The level of 1.0830 coincides with the golden ratio (50% of Fibonacci retracement) which is acting as major support today.

Another thought:

The Relative Strength Index (RSI) is considered overbought because it is above 40. The EUR/USD pair price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of 1.0853 (Horizontal red line).

The prevailing chart pattern suggests that if the leading the trend could be expecting to rebound from the levels of 1.0800 and 1.0846 so as to continue uptrend.

Moreover, if the EUR/USD pair fails to break through the support prices of 1.0830 today, the market will rise further to 1.0929 so as to try to break it.

The EUR/USD pair is one the best overall investment for in coming weeks. However, if you want to try to improve the growth of Euro, thus it seems great to buy above the last bearish waves of 1.0853.

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