FX.co ★ Short-term technical analysis on EURUSD for January 18th, 2023.

Red lines- bullish channel

EURUSD is trading above 1.0850 once again. After the announcement of the PPI and Retails sales in the US, the Dollar was under pressure. Price had made no real progress over the last few days as it was moving mostly sideways close to 1.0860. Price is now very close to providing new higher highs. The RSI will most probably provide another bearish divergence. Trend remains bullish as price remains inside the red upward sloping channel. Channel support is at 1.0640. Upside potential is limited as the up trend is weakening according to the RSI. Traders need to be very cautious.