FX.co ★ EUR/USD analysis for January 18, 2023 - Potential for the upside movement

Technical analysis:

EUR/USD has been trading upside this morning and I found rejection of the key support zone at the price of 1.0770, which is good sign for the further rally.

Trading recommendation:

Due to the rejection of the support zone and strong upside trend on the higher frames, I see potential for further growth towards upside references.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at 1.0865 and 1.1100

Stochastic oscillator is showing oversold condition and fresh flip up, which is good sign for further bullish movement.

Key support is set at the price of 1.0770