Currency pair Euro/Dollar EUR/USD continues to move as part of growth and a bullish channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the European currency and a potential continuation of the growth of asset quotes already from current levels. At the time of the publication of the forecast, the EUR/USD exchange rate is 1.0860. As part of the Forex forecast for January 20, 2023, we should expect an attempt to develop a price correction and a test of the support level, which is located on the pair near the area of 1.0805. Further, the rebound in prices upwards and the continued growth of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.1055.
EUR/USD Forecast January 20, 2023
An additional signal in favor of the rise in EUR/USD quotes tomorrow will be a rebound from the lower border of the bullish channel. The second signal in favor of this option will be a rebound from the support line on the relative strength index (RSI). Cancellation of the growth option for the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.0725. This will indicate a breakdown of the support area and a continuation of the fall to the area at the level of 1.0445. It is worth waiting for confirmation of growth in the EUR/USD currency pair with a breakdown of the resistance level and closing the price above the level of 1.0995.
EUR/USD Forecast January 20, 2023 suggests an attempt to develop a correction of the pair and test the support area near the level of 1.0805. Where should we consider a price rebound and an attempt to continue the growth of the currency pair in the market to the area above the level of 1.1055. In favor of the rise of the instrument in the Forex market, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option for the EUR/USD pair will be a fall in quotes and a breakdown of the level of 1.0725. This will indicate a breakdown of the support area and a continuation of the fall of the currency pair on Forex to the area below the level of 1.0445.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link