FX.co - EUR/USD analysis for January 17, 2023 - Potential for the upside movement

2023-01-17T07:21:21

Relevance until2023-01-18

Technical analysis:

EUR/USD analysis for January 17, 2023 - Potential for the upside movement

EUR/USD has been trading sideways at the price of 1.0820 but I see potential for the breakout play to the upside.

Trading recommendation:

Due to the breakout of the Pitchfork channel to the upside and the bullish trend in the background, I see potential for the further upside movement.

Watch for the potential buying opportunities with the upside objective at 1.0870.

Stochastic is showing neutral reading

Key support is set at the price of 1.0805

*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 17, 2023 - Potential for the upside movement