20.01.2023 05:07 AM
Forecast for EUR/USD on January 20, 2023

Yesterday's attempt to overcome the support range at 1.0758/87, just like the previous day, had failed. The euro rose by 38 pips.

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Now, the EUR/USD has a chance to rise to the target level of 1.0990 like it did on Wednesday. It has a small chance, the main scenario is still a downtrend, with the price crossing this range and settling below it. The probability of growth will increase only when the divergence breaks on the daily chart. This may happen after EUR crosses the January 18 high at 1.0887.

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On the four-hour chart, yesterday's rebound occurred from the MACD indicator line. Here, too, at the moment, the Marlin oscillator is in the red zone.

Laurie Bailey,
Analytical expert of InstaForex
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