FX.co - EUR/USD analysis for January 13, 2022 - Strong breakout of trading range, potential for further rise

2022-01-13T12:30:25

Relevance until2022-01-14

Technical analysis:

EUR/USD analysis for January 13, 2022 - Strong breakout of trading range, potential for further rise

EUR/USD has been trading upside as I expected. There is the strong breakout of the multi-month consolidation, which is sign for further rise.

Trading recommendation:

Due to strong breakout of the key resistance at the price of 1,1388, I see potential for further upside continuation in the next period.

Watch for buying opportunities on the pullbacks with the upside objectives at the price of 1,1520 and 1,1600.

Key support level is set at the price of 1,1388.

Stochastic is showing bull reading with no evidence for the reversal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for January 13, 2022 - Strong breakout of trading range, potential for further rise