14.01.2023 07:09 PM
Weekly review of EUR/USD for January 14, 2023

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Weekly Review :

The weekly pivot point sets at the point of 1.0761 so as to call for a strong bullish market above it. The EUR/USD pair's rise from the price of 1.0623 resumes today and accelerates to as high as 1.0753 so far. Immediate concentrate is now on 1.0788 resistance, which is close to 100-day EMA (now at 1.0752). The bullish trend is currently very strong for the EUR/USD pair. As long as the price remains above the resistance at 1.0708, it could try to take advantage of the bullish rally. The EUR/USD pair has closed above the pivot point (1.0623) could assure that the EUR/USD pair will move higher towards cooling new highs. The bulls must break through 1.0708 USD in order to resume the uptrend. Decisive break their argue that such rally is at least correcting the raise from 1.0708 to set at 1.0760. Also, it should be noted that U.S. inflation was 0.15% in November, holding close to its highest annual rate in four decades despite easing energy costs.

The EUR/USD pair retreated from around 1.0623, the 61.8% of Fibonacci retracement of the daily climb measured between 1.0623 and 1.0788, so holds above the former critical resistance, now support at 1.0708. Today, the EUR/USD pair has broken resistance at the level of 1.0708 which acts as support now. Thus, the pair has already formed minor support at 1.0708 . The strong support is seen at the level of 1.0708 because it represents the daily support 1. Technical readings in the daily chart favor a bullish continuation, as indicators maintain their firmly bullish slopes within positive levels, while the 100 MA heads firmly higher below the current level. Equally important, the RSI and the moving average (100) are still calling for an uptrend.

The EUR/USD pair is continuing rising by market cap at a range between 1.0708 and 1.0788 in coming hours. The EUR/USD pair is trading at 1.0708 after it will be reached 1.0788 earlier. The EUR/USD pair has been set above the strong support at the prices of 1.0623 and 1.0659, which coincides with the 61.8% and 78% Fibonacci retracement level. The support at 1.0706 has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of 1.0706. Buy orders are recommended above the area of 1.0706 with the first target at the price of 1.0788; and continue towards 1.0849 in order to test the last bullish wave.

The bullish momentum would be revived by a break in this resistance. The second bullish objective is located at 1.0849 . Crossing it would then enable buyers to target 1.0849 (buyers would then use the next resistance located at 1.0849 as an objective.).

Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.0623) in the coming hours. The EUR/USD pair will demonstrate strength following a breakout of the high at 0.9958.

Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.0708 with the first target at 1.0788. Then, the pair is likely to begin an ascending movement to 1.0788 mark and further to 1.0849 levels. The level of 1.0849 will act as strong resistance, and the double top is already set at 1.0788.

On the other hand, the daily strong support is seen at 1.0623. If the GBP/USD pair is able to break out the level of 1.0623 , the market will decline further to 1.0503 (daily support 2).

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