FX.co ★ Breaking forecast for EUR/USD on January 30, 2023

Although the euro is showing dynamic, the market remains mainly stagnant. On Friday, the euro lost about 50 pips but closer to the end of the day, it managed to recoup some losses. Notably, there was no news or reports that could boost the currency. The changes are insignificant and are taking place within the sideways channel, where the currency was trading last week. Today, the situation is the same as on Friday. The macroeconomic calendar is not rich in events. The market is likely to remain stagnant until Wednesday. Traders will hardly take a risk ahead of the Fed's meeting. Thus, the market activity will rise only in the second part of the week.

Last week, the euro/dollar pair was trading within the range of 1.0840/1.0930. This hovering points to the accumulation process. This, in turn, may lead to a sharp price movement amid the expected economic events.

On the four-hour chart, the RSI technical indicator is hovering along line 50, which points to stagnation within the intraday period. On the daily chart, the RSI is moving in the upper area, thus reflecting traders' great interest in long positions.

On the four-hour chart, the Alligator's MAs have numerous intersections with each other, which corresponds to stagnation. On the daily chart, the indicator points to the upward cycle. The MAs are headed upwards.

Outlook

Since the pair is trading within a particular range, it is better to apply a breakout strategy. The pair is likely to show an outgoing impulse, which will end the flat movement and indicate the pair's direction.

In terms of the complex indicator analysis, we see that in the short-term and intraday periods, the indicators are providing mixed signals amid the existing stagnation. In the mid-term period, the indicators are following the uptrend which began last autumn.