FX.co ★ EUR/USD analysis for January 30, 2023 - Potential for the upside movement

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0860 inside of the downside channel. I see potential for the breakout mode in the next period.

Trading recommendation:

Due to the strong upside trend in the background and potential for the breakout of the downside channel, I see further upside continuation.

Watch for the potential breakout of the downside channel to confirm further rally towards upside objective at 1.1045

Stochastic oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of 1.0835