FX.co ★ Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Tuesday January 31, 2023

Currently on the 4-hour chart the main EUR/USD currency pair seems to be trying to break below the 1.0838 level which happens to be the Equal Low area so it becomes an interesting magnet for Fiber to test because there lies a lot of liquidity waiting to be moved if this levels successfully breaks, Fiber has the potential to fall down to the 1.0813 level as its main target and the 1.0782-1.0747 area level. However, please note that on its way to the target levels described earlier, EUR/USD suddenly reverses back to its initial bias (Bullish). especially if it manages to break above the 1.0929 level then it is very likely that all the scenarios that have been previously described will become invalid and cancel by themselves.

(Disclaimer)