FX.co ★ EUR/USD analysis for February 01, 2023 - Potential for the upside continuation

Technical analysis:

EUR/USD has been trading upside as I expected and the price did breakout of the downside Pitchfork channel, which is good sign for the further rally.

Trading recommendation:

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

Watch for the potential buying on the intraday dips with the upside objectives at 1.1050 and 1.1170.

Fast Stochastic Oscillator is showing overbought condition but no warning for the reversal.

Key support is set at the price of 1.0800