FX.co - EUR/USD analysis for January 05, 2023 - Triangle pattern in creation and potential for the upside continuation

2023-01-05T08:04:05

Relevance until2023-01-06

Technical analysis:

EUR/USD analysis for January 05, 2023 - Triangle pattern in creation and potential for the upside continuation

EUR/USD has been trading sideways at the price of 1.0608 and I see potential for the upside continuation towards upside reference.

Trading recommendation:

Due to the rejection of the key support zone in the background and symmetrical triangle pattern in creation, I see potential for the further growth.

Watch for the buying opportunities on the intraday dips with the upside objective at the price of 1.0675

Stochastic Oscillator is showing fresh bull cross, which is good sign for further rally

Key support zone is set at the price of 1.0520

*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 05, 2023 - Triangle pattern in creation and potential for the upside continuation