FX.co ★ EUR/USD analysis for January 16, 2023 - Test of the key support and potential for the rally

Technical analysis:

EUR/USD has been trading downside this morning and I found the test of the key support zone at the price of 1.0800. I see potential for the upside movement.

Trading recommendation:

Due to the intraday oversold condition and the test of the key support zone, I see potential for the upside rotation towards upper reference at 1.0870.

Watch for potential buying opportunities with the upside objective at 1.0870

Stochastic oscillator is showing oversold condition and potential for the upside rotation.

Key support is set at the price of 1.0800