empty
26.01.2023 08:35 PM
Technical analysis of EUR/USD for January 26, 2023

This image is no longer relevant

Overview :

Euro parity still in play ahead of decisive US inflation data, for that common currency came within whisker of 1.0845 this week. Right now, the EUR/USD pair is still moving around the price of 1.0845.

The currency pair EUR/USD is trading below the resistance levels of 1.0927 and 1.0900. The euro to US dollar (EUR/USD) rate has risen about 0.5% month-to-date to trade around 1.0845.

The raise is comparable to gain last seen for three weeks, when the European Central Bank unleashed its massive stimulus programme. The EUR/USD pair continues to move upwards from the level of 1.0064, which represents the double bottom in the hourly chart. Yesterday, the pair rose from the level of 1.0064 to the top around 1.0800 USD.

Today, the first resistance level is seen at 1.0927 followed by 1.0955 and 1.0985, while daily support is seen at the levels of 1.0845 and 1.0819.

According to the previous events, the EUR/USD pair is still trading between the levels of 1.0845 and 1.0927. Hence, we expect a range of 82 pips in coming hours (1.0927 - 1.0845).

The first resistance stands at the price of 1.0927, therefore if the EUR/USD pair succeeds to break through the resistance level of 1.0927, the market will rise further to 1.0955.

This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.

The pair is expected to rise higher towards at least 1.0955 in order to test the second resistance (1.0985).

The US Dollar and the Euro are two of the most prominent and well-known currencies in the world. The Euro versus US Dollar (EUR/USD) currency pair has the largest global trading volume, meaning it is the world's most-traded currency pair.

Whether you find the instrument easy or difficult to trade on, it's not a pair that many traders neglect, due to its daily volatility and price movement.

Thus, the market is indicating a bearish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

Today, support is seen at the levels of 1.0845 and 1.0819. So, we expect the price to set above the strong support at the levels of 1.0845 and 1.0819; because the price is in a bullish channel now.

The RSI starts signaling upward trend. Consequently, the market is likely to show signs of a bullish trend.

Thus, it will be good to buy above the level of 1.0845 with the first target at 1.0927 and further to 1.0955 in order to test the daily resistance. If the EUR/USD pair is able to break out the daily resistance at 1.0955 , the market will rise further to 1.0985 to approach support 3 in coming hours or two days.

However, the price spot of 1.0985 and 1.0955 remains a significant resistance zone. Therefore, the trend is still bullish as long as the level of 1.0845 is not breached.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. July 4th. Bears continue to retreat from the market

On Thursday, the EUR/USD pair rebounded once again from the 1.1802 level and declined almost to the 127.2% Fibonacci retracement level at 1.1712. As of Friday morning, the pair

Samir Klishi 10:53 2025-07-04 UTC+2

Forex forecast 04/07/2025: EUR/USD, GBP/USD, USD/JPY, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:51 2025-07-04 UTC+2

GBP/USD. July 4th. Independence Day

On the hourly chart, the GBP/USD pair on Thursday rebounded from the support zone of 1.3611–1.3633, reversed in favor of the pound, and now has every chance to continue rising

Samir Klishi 10:01 2025-07-04 UTC+2

EUR/USD Forecast for July 4, 2025

The main event of yesterday largely aligned with our forecasts — specifically, the anticipated "number play" occurred. But it was done very delicately, just enough to halt the growth

Laurie Bailey 06:01 2025-07-04 UTC+2

GBP/USD Forecast for July 4, 2025

On the daily chart, the British pound has consolidated below the MACD line. It had an excellent opportunity to also consolidate below the support level of 1.3635, but that attempt

Laurie Bailey 05:58 2025-07-04 UTC+2

Natural Gas Forecast for July 4, 2025

Natural Gas (NG) The daily balance indicator line decisively halted yesterday's price surge — Thursday ended with a decline of 2.63%. The drop, in turn, was held back

Laurie Bailey 05:53 2025-07-04 UTC+2

Trading Signals for BITCOIN for July 4-8, 2025: sell below $110,610 (7/8 Murray - 21 SMA)

On the other hand, if Bitcoin consolidates above the 7/8 Murray level, it is likely that it will reach the strong resistance of the 8/8 Murray level located at $112,500

Dimitrios Zappas 05:17 2025-07-04 UTC+2

Trading Signals for GOLD (XAU/USD) for July 4-8, 2025: sell below $3,350 (21 SMA - 3/8 Murray)

If gold recovers above the 200 EMA at 3,327, we could expect a pullback to 3,345. This area represents strong resistance and could be seen as a selling opportunity

Dimitrios Zappas 05:15 2025-07-04 UTC+2

Trading Signals for EUR/USD for July 4-8, 2025: sell below 1.1795 (21 SMA - 8/8 Murray)

The eagle indicator has been giving a negative signal since June 30, so our strategy will remain bearish. As long as the euro price trades below 1.1795, we continue

Dimitrios Zappas 05:13 2025-07-04 UTC+2

EUR/USD. July 3rd. The Most Important Day of the Week

On Wednesday, the EUR/USD pair rebounded from the 1.1802 level, reversed in favor of the U.S. dollar, and showed a slight decline. However, by Thursday morning, the pair had returned

Samir Klishi 12:10 2025-07-03 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.