FX.co ★ Technical analysis of EUR/USD for January 2024

Trend analysis:

Further growth may be seen in EUR/USD this January, with the price rising from the level of 1.1036 (closing of the December monthly candle) to the upper fractal located at 1.1275 (red dotted line). It will continue towards the historical resistance level of 1.1493 (blue dotted line).

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (first week of the month - white) and no second upper shadow (last week - white).

Therefore, this month, quotes will climb from 1.1036 (closing of the December monthly candle) to the upper fractal at 1.1275 (red dotted line), and then continue towards the historical resistance level of 1.1493 (blue dotted line).

Alternatively, euro could rise from 1.1036 (closing of the December monthly candle) to the upper fractal at 1.1275 (red dotted line), followed by a pullback towards the historical support level of 1.1104 (blue dotted line).